Bloomberg News

Yen Gains as Asian Stock Losses Spur Demand for Refuge

June 07, 2011

June 8 (Bloomberg) -- The yen rose against the dollar and the euro as Asian stock declines prompted demand for the Japanese currency as a refuge.

The yen was at 79.93 per dollar as of 10:11 a.m. in Tokyo from 80.09 in New York yesterday, after rising to 79.85, the strongest since May 5. It gained 0.4 percent to 117.23 per euro. The MSCI Asia Pacific Index dropped as much as 0.3 percent.

To contact the reporter on this story: Ronnie Harui in Singapore at rharui@bloomberg.net

To contact the editor responsible for this story: Jonathan Annells at jannells@bloomberg.net


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