The Japanese yen climbed against 15 of 16 of its major counterpart currencies on Thursday, prompted higher by Asian equities losing value as demand rose for assets considered safer, Bloomberg reports.
The monetary unit of the Pacific Rim nation climbed against the shared currency of the European Union for the first time in three days. The yen's surge against the world's reserve currency was about 0.3 percent during early trading on Thursday.
"A drop in stocks has the yen locked right around 100 per dollar," manager Tsutomu Soma with Rakuten Securities Inc.'s fixed-income business unit department in Tokyo told the publication on Thursday. "Investors are waiting for fresh news out of the U.S."
During the past four-plus weeks through Wednesday, the Japanese yen has dropped about 3.5 percent against the greenback, emerging as the biggest loss of 10 developing-market currencies tracked by Bloomberg.
Finance Minister Taro Aso of Japan on Thursday underscored reducing the government's debt burden and working toward public finances in the nation, according to Reuters. Of major nations, Japan holds a public debt burden that is at least twice as big as its $5 trillion economy.
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