Yen Gains Versus Major Peers as Factory Data Spurs Demand


01/08/2012 08:53 AST  Bloomberg

The yen strengthened against most of its major peers as Asian stocks slid amid signs manufacturing is slowing across the globe, boosting demand for refuge assets.

Japan’s currency climbed against the euro after a purchasing managers’ index in China showed the slowest manufacturing expansion in eight months and before a European factory gauge that’s forecast to show a decline this month. The dollar touched a two-month low against the yen as a signs of economic slowdown in the U.S. boosted speculation the Federal Reserve will signal additional monetary easing at the end of its meeting today.

“The market is shifting to a risk-off stance on the back of stocks declines and weaker Chinese economic data,” said Junya Tanase, chief currency strategist at JPMorgan Chase & Co. in Tokyo. “The yen is being bought in a bid for safety.”

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