Feb. 26 (Bloomberg) -- The yen fell to a three-month low against the dollar and weakened versus the euro before government reports tomorrow that may show rising unemployment and falling consumer prices in Japan.
The Japanese currency is headed for its worst month against the dollar in 13 years and the poorest versus the euro since 2000 as the deepening recession reduces the yen’s appeal. The euro is poised for a second monthly loss against the dollar on concern financial turmoil in eastern Europe will worsen, backing the case for the region’s central bank to lower interest rates.
“The economics have got to a tipping point for the yen,” said Neil Mellor, a currency strategist in London at Bank of New York Mellon Corp., the world’s biggest custodian of financial assets. “We’re looking at a fresh era of deflation in Japan.”
The yen weakened to 97.92 per dollar as of 7:20 a.m. in New York from 97.39 yesterday. It reached 98.01 today, the weakest since Nov. 14. It depreciated to 125.02 per euro, from 123.92 yesterday. It earlier touched 125.19, the weakest level since Jan. 9. The yen may trade at 105 per dollar within six months, Mellor said. more...
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