Yen Gains Second Day as Riskier Assets Fall on Fed Tapering View

The yen rallied for a second day against the dollar as stronger-than-forecast U.S. economic data spurred speculation the Federal Reserve will reduce stimulus that has driven up stocks globally.

Japan’s currency strengthened from an almost six-month low reached yesterday as the U.S. jobs data from ADP Research Institute increased signs the economic recovery is gaining momentum before the government’s monthly payroll report Dec. 6. Australia’s dollar slumped to a three-month low after the economy expanded less in the third quarter than forecast. Canada’s dollar fell as its central bank bolstered interest-rate-cut speculation. Futures on the Nikkei stock index fell 0.9 percent.