Yen Rallies on G-7 Comments While U.S., Europe Stocks Advance
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The yen jumped as an official from the Group of Seven nations said the countries are concerned about volatility in Japan’s currency. U.S. stocks advanced as investors dissected earnings reports and awaited President Barack Obama’s State of the Union speech tonight.
The yen climbed 0.8 percent to 93.57 per dollar at 4 p.m. in New York, paring a gain of as much as 1.4 percent. The Standard & Poor’s 500 Index added 0.2 percent to 1,519.43, the highest level since November 2007 on a closing basis, and the Stoxx Europe 600 Index closed up 0.5 percent. Spain’s 10-year bond yield fell 10 basis points to 5.32 percent. Industrial metals led commodities higher, while corn slid for an eighth day in its longest slump since 2010.