Yen Gains Versus Other Majors

(RTTNews) - The Japanese yen saw strength against other majors on Friday in New York. The currency moved to multi-week highs against the dollar, euro and British pound.

In economic news, Japan’s trade surplus for the first 20 days of April fell 15.9% on year, the Ministry of Finance said today. Imports were at 4.423 trillion yen, up 1.3 percent from 4.368 trillion yen in the same period a year ago. Exports stood at 4.248 trillion yen, up 2.1 percent from 4.16 trillion yen in 2007.

The yen climbed to a three-week high against the U.S. dollar. The currency rose to as high as 102.60 in the early morning before edging back to 102.88 by mid-afternoon. Data released in the U.S. showed that the trade deficit narrowed to $58.2 billion in March from a revised $61.7 billion in February.

The Japanese currency rallied to a three-week best of 158.59 in the early morning, capping a rally that began earlier in the week. The yen held most of the gains and moved at 159.12 in the mid-afternoon. Data from the Federal Statistical Office showed that German wholesale price index rose 6.9% year-on-year in April, faster than the expected growth of 6.7 %.

The yen moved to its highest level since mid-April against the pound, reaching as high as 199.76. The pair moved at 200.67 in the mid-afternoon.

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