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Investor Appetite For Risky Assets Depresses Japanese Yen

Jan, 04th 05:02

The Japanese Yen lost ground to its American counterpart amidst bullish sentiment in the global stock markets. Meanwhile, the U.S. dollar has been supported by upbeat economic data.

The dollar index which gauges the strength of the greenback versus a basket of major currencies, added nearly 0.1% to 103.30 in Asian trading hours. The index has soared to as high as 103.82 yesterday following the release of the ISM manufacturing PMI which showed  U.S. factory activity accelerated to a two-year high in December.

On the contrary, the Yen, which usually benefits from demand for safe-haven assets, struggled for traction as Asian shares including Japanese equities edged higher.

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