Japan’s currency traded stronger than 78 versus the dollar for a third day after Economy Minister Kaoru Yosano indicated intervention to weaken the yen the foreign-exchange market was unlikely before the outcome of the U.S. debt-ceiling debate. The euro weakened after a report showed European economic confidence fell this month more than forecast.
“With all this uncertainty, the yen should do relatively OK,” said Paul Robson, a senior foreign-exchange strategist at Royal Bank of Scotland Group Plc in London. “It’s a decent place to put money in, the Swiss franc as well.”
The yen appreciated 0.9 percent to 111.04 versus the euro at 9:15 a.m. in New York, from 112.04 yesterday, after touching 110.83, the strongest level since July 18. The yen gained 0.2 percent to 77.84 per dollar, from 77.98, after advancing yesterday to 77.57, the strongest since it hit a postwar high of 76.25 on March 17. The dollar was little changed at 80.21 Swiss centimes after touching a record low 79.90. The euro slid 0.7 percent to $1.4267 after dropping 1 percent yesterday.
The dollar briefly pared its drop against the yen after the Labor Department reported that U.S. initial jobless claims fell more than forecast, dropping to 398,000 during the week ended July 23 from 422,000 in the previous week. The median forecast of 44 economists in a Bloomberg News survey was for a drop to 415,000 from a previously reported 418,000.
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