Yen Gains on Trade Surplus as Dollar Rally Unwinds; Euro Weakens
- Japan ministry worried about U.K. vote impact on yen: BofA
- Euro-area factories, services index at lowest since Jan. 2015
U.S. Spars With Japan Over Yen at G-7
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The yen advanced versus 15 of its 16 major peers after a government report showed Japan’s trade surplus unexpectedly swelled to the biggest in six years.
The currency strengthened from a three-week low versus the dollar as Japanese and U.S. finance chiefs remained divided over whether yen-selling intervention was warranted following Group of Seven meetings on the weekend. U.S. Treasury Secretary Jack Lew reiterated his view that the yen’s movement hasn’t been overly volatile. The euro fell against the dollar as data showed manufacturing and services growth weakened, supporting the case for the European Central Bank’s monetary policy easing.