Asia Currencies Rally a Third Week on Japan Stimulus, China Data
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Asian currencies completed a third weekly advance as Japan’s 10.3 trillion yen ($116 billion) stimulus spending and a rebound in China’s exports improved the outlook for a global economic recovery.
The Bloomberg-JPMorgan Asia Dollar Index rose to a 16-month high as overseas sales from China, Taiwan and Malaysia grew more than analysts forecast, according to official figures released this week. Japanese Prime Minister Shinzo Abe’s fiscal package will increase gross domestic product by about 2 percentage points and create about 600,000 jobs, according to a statement released by the Cabinet Office yesterday.