Asian currencies climb, Yen deteriorates

The yen fell for a second day since yesterday against the euro on speculation stock gains and measures to stabilize the U.S. financial forex system will encourage investors to buy higher-yielding assets funded in Japan’s currency.
The yen also weakened versus the Australian and New Zealand dollars and South Africa’s rand after the U.S. Senate voted to release the second half of a $700 billion financial rescue package to U.S. President-elect Barack Obama
Against the Australian dollar, the yen slipped to 60.56 from 59.55 late yesterday in New York. Japan’s currency also declined to 49.12 versus the New Zealand dollar from 48.28. The yen weakened to 9.1044 per South African rand from 8.9936. Benchmark interest rates are 4.25 percent in Australia, 5 percent in New Zealand, 11.5 percent in South Africa and 0.1 percent in Japan.
Asian currencies strengthened, led by South Korea’s won and Indonesia’s rupiah, as stock-market rebounds in the U.S. and Asia helped shore up confidence in riskier assets.