(Bloomberg) -- The yen advanced to a two-week high against the dollar before U.S. reports that may show industrial output and manufacturing contracted, adding to evidence the recession in the world’s largest economy is deepening.
Japan’s currency also climbed to the strongest in two weeks against the euro as Asian stocks fell, prompting investors to reduce holdings of higher-yielding assets. The euro may weaken for a second day versus the dollar on concern a German report today will show wholesale prices dropped for a fifth month, supporting the case for the European Central Bank to cut interest rates.
“Sooner rather than later pessimism will return to the market,” said Toru Umemoto, chief currency strategist in Tokyo at Barclays Capital, the world’s third-largest foreign-exchange trader. “The yen will be the beneficiary.”
The yen rose to 98.50 against the dollar at 12:20 p.m. in Tokyo from 98.98 in New York yesterday. It earlier reached 98.41, the strongest level since April 2. Japan’s currency gained to 130.48 per euro from 131.25, and advanced to 70.57 per Australian dollar from 71.63.
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