Thursday, December 26, 2013

Dollar Gains vs Yen in Asia

The US dollar soar against Yen to a 5-year high in trading in Asia Thursday because of a strong Japanese share prices. US dollar climb to 104.85 yen in early trade, its highest since October 2008, before settling at 104.71 yen.

On Wednesday, it was 104.39 Yen. Trading in New York is close for Christmas holiday. The Euro stands at $1.3679 and 143.27 yen against $1.3668 and 142.71 yen on Wednesday in Tokyo.

Strong Japanese stock prices were a major market-moving factor. The benchmark Nikkei index ended at a six-year high of 16,174.44, up 1.03 per cent.

Many stock markets globally have been rising as more signs of a US economic recovery emerge.

In other news, China will aim for 7.5% growth in 2014 as exports recover. Their growth will rely on a steady recovery of China's exports next year, they benefited on the stronger demand from developed economies, the commerce ministry said.

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