TOKYO, Feb 17 (AFP) : The yen strengthened in Asia Monday as investors shuffled their positions after weaker-than-expected Japanese growth figures dented confidence in Prime Minister Shinzo Abe's policy blitz, dubbed Abenomics.
In afternoon Tokyo trade, the dollar slipped to 101.58 yen, from 101.81 yen in New York Friday afternoon, with the yen winning support from expectations that the Bank of Japan (BoJ) would hold fire on new easing measures after a two-day policy meeting.
The euro inched down to 139.25 yen and $1.3708 from 139.42 yen and $1.3715 in US trade, after data Friday showed that a modest recovery in the eurozone economy remains on track.
In Japan, the economy logged its best performance in three years, expanding 1.6 per cent, as Abe's growth blitz drove the expansion, but weak second-half data and a looming April sales tax rise dampened the outlook for strong growth this year.
The world's third-largest economy expanded just 0.3 per cent between October and December, data showed Monday.
Abe's growth policy has boosted Japanese stocks and driven down the yen's value, but investors were "discouraged by the recent drops in stock prices and today's weaker-than-expected GDP data," said Shuichi Kanehira, head of spot forex trading at Mizuho Bank.
Yen firms in Asia
FE Team | Published: February 18, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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