Asian stock markets were largely negative on Wednesday, with investors doubting how fast the U.S. recession is easing after a mixed set of economic indicators on the forex market.
"The Japanese yen is the strongest currency, gaining ground across the board, particularly against the U.S. dollar. While the BoJ again raised the assessment of the economy, indicating conditions had stopped deteriorating, the announcement was expected," BBH said.
The yen's gains may be more closely tied to a rights issues from Sumitomo Mitsui, where there is talk that foreign demand could account for half the demand, BBH said.
Late Tuesday morning, the dollar is at Y96.41 from Y97.84 after having dipped to Y96.08, its lowest level since June 4 according to EBS.
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