By Ron Harui
April 16 (Bloomberg) -- The yen weakened for a second day against the euro on speculation gains in stocks will give investors more confidence to buy higher-yielding assets.
Japan’s currency also fell against 14 of the 16 most-traded currencies after a Finance Ministry report today showed the nation’s investors bought 818.3 billion yen ($8.24 billion) more overseas bonds and notes than they sold last week. Asian stocks climbed after a U.S. Federal Reserve survey yesterday showed economic contraction eased in some regions.
“Stocks are up and sentiment has improved,” said Lee Wai Tuck, a currency strategist at Forecast Pte in Singapore. “There’s buying of the crosses against the yen.”
The yen declined to 131.80 per euro at 10:14 a.m. in Tokyo from 131.44 in New York yesterday. It traded at 99.43 against the dollar from 99.37. The U.S. currency fell to $1.3257 per euro from $1.3227.
The Nikkei 225 Stock Average climbed 3.2 percent and the MSCI Asia-Pacific Index of regional shares rose 2 percent. The Standard & Poor’s 500 Index rose 1.3 percent yesterday.
To contact the reporters on this story: Ron Harui in Singapore at rharui@bloomberg.net.
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