The yen remained higher after a gain yesterday that was the most in a week as Asian stocks declined and a report today showed Japan’s current-account surplus in May was bigger than economists expected.
The nation’s currency strengthened against the dollar after U.S. equities declined from a record. The Australian currency rose after a private gauge of business confidence climbed last month to match the highest level since January. New Zealand’s dollar reversed earlier declines that came after a report showed business sentiment dropped to a 15-month low.
“The yen is being bought on the back of stock weakness,” said Yuji Saito, a Tokyo-based director of foreign exchange at Credit Agricole SA. “With U.S. stocks near record highs and vulnerable to profit-taking, the dollar is struggling to rise against the yen.”