Source AP ©

US dollar rises against yen in Asia

The dollar rose against the yen Monday in Asia despite better-than-expected Bank of Japan "tankan" data, as the yen-carry trade emerged again and strengthened the greenback.

The U.S. dollar was trading at 114.98 yen midafternoon, up from 114.74 yen late Friday in New York. The euro rose to US$1.4258 from US$1.4160.

The BOJ's quarterly survey of corporate sentiment for September showed that the survey's index for large manufacturers stood unchanged at 23, beating forecasts for a fall to 21.

The yen rose temporarily on the news, but market participants judged the result is unlikely to change the central bank's monetary policy outlook.

"To assess the BOJ's rate hike timing, most important are external factors such as uncertainty regarding the global economic outlook," said Tohru Sasaki, chief foreign exchange strategist at JP Morgan Chase Bank.

Later, the market reversed and the dollar rose as Japanese investors show their appetite for risk has returned by re-entering the yen-carry trade. The trade involves borrowing yen to take advantage of low Japanese interest rates and then buying dollars for investments abroad.

"Amid stabilizing global market conditions, low-yielding currencies, such as the yen, are likely to be sold again as carry trades are reviving," said Mitsuru Sahara, a senior dealer at Bank of Tokyo-Mitsubishi UFJ.

Against other regional currencies, the dollar was mostly lower, falling to 7.7628 Hong Kong dollars from 7.7746 the previous day, and to 914.5 South Korean won from 915.2.

And the latest victim in the globalization of idiocy, racism, bigotry and puerile, primary and primitive kickbacks is New Zealand, today a paradise lost.

New Zealand: Global idiocy reaches down under

And the latest victim in the globalization of idiocy, racism, bigotry and puerile, primary and primitive kickbacks is New Zealand, today a paradise lost.

New Zealand: Global idiocy reaches down under

And the latest victim in the globalization of idiocy, racism, bigotry and puerile, primary and primitive kickbacks is New Zealand, today a paradise lost.

New Zealand: Global idiocy reaches down under
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