The US dollar rebounded against the yen on Friday after Tokyo leaders made a “verbal intervention” over the Japanese unit’s strength as stocks edged higher on bargain hunting after three days of losses.
Japanese Prime Minister Naoto Kan on Thursday said the yen’s advance was too “rapid” and agreed with his right-hand man, Chief Cabinet Secretary Yoshito Sengoku, to closely monitor the issue.
The US dollar — which slumped to a 15-year low of ¥84.73 on Wednesday — was changing hands at ¥86.10 in Tokyo morning trade, up from ¥85.88 late on Thursday in New York.
However, analysts warned that the greenback was not yet out of the woods.
“We are still seeing the effect of the verbal intervention in the market, but I think it is limited,” said Hideaki Inoue, chief foreign exchange manager at Mitsubishi UFJ Trust and Banking Corp. “When you look at the market environment in the United States and Europe, the conditions bringing the yen higher still remain, possibly making it rise to the ¥85 level.”
On stock markets, Tokyo closed 0.44 percent higher, adding 40.87 points to 9,253.46, while Sydney jumped 1.33 percent, or 58.7 points, to 4,459.6.
Shanghai rose 1.21 percent, or 31.23 points, to 2,606.70, while Seoul closed 1.42 percent, or 24.49 points, higher at 1,746.24.
Hong Kong traders, however, could not shake growing concerns over the world outlook, ending down 0.16 percent, or 34.14 points, at 21,071.57, its fourth straight loss.
Dealers moved to pick up bargains after three days of heavy losses caused by weak economic data from Europe, the US and China.
In Taipei, the TAIEX rose 0.79 percent, or 61.79 points, to 7,891.58.
HTC rose 1.03 percent to NT$590, while Taiwan Semiconductor Manufacturing Co fell 0.17 percent to NT$60.1.
Other markets on Friday:
Singapore closed up 0.44 percent, or 12.93 points, at 2,939.97.
Wilmar International fell 2.34 percent to S$6.13, while Jardine Cycle and Carriage gained 1.02 percent to S$33.60.
Manila fell 0.39 percent, or 13.5 points, to 3,469.52.
Investment holding firm DMCI Holdings fell 1.5 percent to 20.35 pesos and property developer Ayala Land was down 2 percent at 14.88 pesos.
Kuala Lumpur closed up 0.8 percent, or 10.82 points, at 1,360.15.
Gaming giant Genting climbed 6.2 percent to 8.18 ringgit as telecoms firm Axiata rose 2.8 percent to 4.37 ringgit and hotel property company Pacific & Orient slid 3.2 percent to 1.20 ringgit.
Jakarta rose 0.90 percent,or 27.36 points, to 3,053.01.
Car maker Astra rose 1.5 percent to 48,300 rupiah, Telkom ended up 1.2 percent at 8,500 rupiah and Bank Negara gained 5 percent to 3,150 rupiah.
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