Yen Gains From 6-Month Low on Stock Decline; Kiwi Pares Losses

The yen strengthened from almost a six-month low against the dollar as a decline in global equities spurred demand for the currency as a haven amid speculation its recent drop has been too rapid.

The U.S. currency rose against most of its 16 major peers on bets that a U.S. budget agreement will boost prospects for the Federal Reserve to start tapering its monetary stimulus. New Zealand’s dollar pared losses after the central bank stepped up signals it will start raising interest rates in the first half of next year as the economy strengthens. Australia’s dollar fell for the first time in five days before a report tomorrow forecast to show the unemployment rate climbed to match the highest since 2009.