Yen picks up pace

AFP, TOKYO: The yen picked up pace yesterday after an oil output freeze by Saudi Arabia and Russia disappointed investors, while China’s yuan headed for its largest two-day decline in more than a month.
Traders pushed into the Japanese unit—considered a safe investment in times of turmoil—after the conditional agreement to freeze oil output at record January levels, rather than make cuts.
The pact involving the world’s two biggest producers as well as Venezuela and Qatar was widely viewed as not enough after a rout that has seen the cost of a crude collapse and global markets hammered.
In Tokyo, the dollar edged down to 113.85 yen from 114.03 in New York late Tuesday and compared with 114.83 yen in Tokyo Tuesday afternoon.
The euro was at $1.1150 and 126.94 yen against $1.1143 and 127.07 yen.
China’s yuan fell 0.12 per cent to  6.5259 against the dollar on Wednesday morning, according to China Foreign Exchange Trade System prices.
It has declined 0.5 per cent over the past two days, the most since early January.
On Monday, the unit surged more than one per cent against the dollar after the head of the People’s Bank of China, Zhou Xiaochuan, said there was no reason the currency should fall further after a six-month slide.
His comments in a weekend interview were his first on the crisis as authorities look to bring some stability to the country’s beleaguered markets.

Yen picks up pace

AFP, TOKYO: The yen picked up pace yesterday after an oil output freeze by Saudi Arabia and Russia disappointed investors, while Chinas yuan headed for its largest two-day decline in more than a month. Traders pushed into the Japanese unitconsidered a safe investment in times of turmoilafter the conditional agreement to freeze oil output at record January levels, rather than make cuts. The pact involving the worlds two biggest producers as well as Venezuela and Qatar was widely viewed as not enough after a rout that has seen the cost of a crude collapse and global markets hammered. In Tokyo, the dollar edged down to 113.85 yen from 114.03 in New York late Tuesday and compared with 114.83 yen in Tokyo Tuesday afternoon. The euro was at $1.1150 and 126.94 yen against $1.1143 and 127.07 yen. Chinas yuan fell 0.12 per cent to 6.5259 against the dollar on Wednesday morning, according to China Foreign Exchange Trade System prices. It has declined 0.5 per cent over the past two days, the most since early January. On Monday, the unit surged more than one per cent against the dollar after the head of the Peoples Bank of China, Zhou Xiaochuan, said there was no reason the currency should fall further after a six-month slide. His comments in a weekend interview were his first on the crisis as authorities look to bring some stability to the countrys beleaguered markets.