Amwal Al Ghad English - 2014-04-17 07:35:39
The yen bounced back from a one-week low against the dollar on Thursday, with investors taking their cues from recently volatile Japanese equities, though activity was thin as investors wound down trading ahead of the Easter holidays.
The dollar bought 102.01 yen, down 0.2 percent on the day and moving back toward last Friday's 3-1/2-week low of 101.32 yen.
It rose as high as 102.37 yen in the previous session after the Nikkei stock average .N225 rallied on comments from Japanese Finance Minister Taro Aso that the market took to suggest more stock buying by the government's pension fund. The Nikkei was slightly higher in afternoon trade on Thursday.
The euro edged down about 0.1 percent against its Japanese counterpart to 141.14 yen, after hitting a two-week high of 141.77 yen on Wednesday.
"Instead of being driven by fundamentals, the yen and the stock market are moving in relationship to each other this week, as investors adjust their positions ahead of the Easter holiday," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust Bank.While markets in Tokyo will remain open, some countries around the world would will be closed on Friday ahead of Easter Sunday, and others will remain closed on Monday. This means trading liquidity is likely to be low, market participants said. More»