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Yen Holds onto Gains

The yen held weekly gains against most of its 16 major peers as escalating tension in Ukraine spurred investor demand for safety.

The ruble fell last week as the U.S. and European Union prepared to impose new sanctions as early as today on Russian companies and individuals close to President Vladimir Putin. Demand for the yen was limited before the Bank of Japan and the Federal Reserve set policy this week. Australia’s dollar remained higher after rebounding from a three-week low as speculators increased bullish bets on the currency to the most in one year.

“The intensifying situation in Ukraine propelled stock selling and yen buying,” said Toshiya Yamauchi, a senior analyst in Tokyo at Ueda Harlow Ltd., which provides margin-trading services. “The yen’s gains will be limited before the Bank of Japan meeting.”

Bloomberg [1]

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