The Yen Continues to Weaken Samurai Style, Metals Gain on the Currency Action

“The yen reached a 2 1/2-year low against the dollar and headed for its 10th weekly loss after a government adviser said the currency can keep weakening without hurting the economy, while the pound slid for a sixth day after U.K. retail sales declined. Metals rose after China’s growth accelerated and European stocks swung between gains and losses.

Japan’s currency declined 0.1 percent to 90 per dollar at 7:39 a.m. in New York after touching 90.21, the weakest level since June 23, 2010. The pound fell 0.3percent versus the dollar. Lead jumped 1.6 percent, zinc climbed 1.5 percent and a gauge of Chinese stocks jumped to a 17-month high. The Stoxx Europe 600 Index (SXXP) and Standard & Poor’s 500 Index futures slipped less than 0.1 percent. Japan’s Topix Index jumped 2.4 percent, capping a 10th straight weekly advance, on prospects the central bank will extend asset purchases…”

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