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10:51 2006/06/18
Yen posts second weekly decline
NEW YORK: The yen fell for a second straight week against the dollar on speculation the Bank of Japan will trail the Federal Reserve in raising borrowing costs.
Japan??™s central left its main interest rate unchanged near zero percent this week, while expectations grew for the Fed to add to its 16 straight increases in the past two years.
The yen also slumped after China moved on Friday to curb lending, fostering concern demand from Japan??™s largest trading partner will slow.
???The market thinks the BOJ is probably not going to raise interest rates??™??™ until later this year, said Alan Kabbani, a senior currency trader at Wachovia Corp in Charlotte, North Carolina. ???The Fed is expected to raise rates this month. The rate differential still favors the dollar versus the yen.??™??™
The yen fell 1.1% this week to 115.19 per dollar, and reached 115.44 on June 13, the weakest since April 24. Japan??™s currency declined 1.1% to 145.62 per euro. It touched 145.66 per euro on Friday, approaching its record low of 145.70 per euro set June 8.
The dollar was little changed at $1.2642 per euro last week.
The central bank has no predetermined time to raise rates and any move will be gradual, BOJ governor Toshihiko Fukui said this week.
In the US, expectations for an interest rate increases in June and August surged after a June 14 report showed a greater-than-forecast gain in core consumer prices, which exclude food and energy.
China??™s central bank said on Friday it raised the required reserve ratio for commercial lenders by 0.5 percentage point to 8%.
The increase follows the bank??™s April decision to raise its benchmark lending rate for the first time since October 2004, a move that spurred declines in stocks across Asia.
???One of the world??™s fastest economies is going to slow down,??™??™ said Richard Franulovich, a currency strategist at Westpac Banking Corp in New York. ??“ Bloomberg
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