Yen Rises Versus Peers as Asian Stocks Fall Ahead of Japan Vote
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The yen strengthened, paring weekly declines against most major peers, as Asian stocks declined before upper-house elections of Japan’s parliament on July 21.
The extra yield that investors receive from holding U.S. Treasuries instead of Japan’s government bonds fell from a two-year high, reducing the appeal of the dollar. Indonesia’s rupiah weakened for a record 11th day as the central bank manages a gradual depreciation of the onshore exchange rate toward offshore levels. JPMorgan Chase & Co.’s Global FX Volatility Index slid to a seven-week low.