Yen Rises for Second Day on Lack of BOJ Consensus; Euro Declines
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The yen strengthened for a second day against the dollar as a lack of unity among Japanese lawmakers for the government’s picks to run the central bank damped speculation for accelerated monetary easing.
Japan’s currency rose versus all its 16 major peers and bullish bets on the yen in the options market climbed to a nine-month high after the largest opposition party said yesterday it would vote against deputy governor nominee Kikuo Iwata, who advocates more easing. The euro weakened as Italian borrowing costs rose at a debt sale. New Zealand’s dollar dropped on speculation a worsening drought will weigh on the economy.