Yen Posts Biggest Monthly Advance Versus Dollar Since 2001

The yen posted its biggest monthly advance against the dollar since 2001 as losses in global stocks prompted investors to sell high-yielding assets funded with low- cost loans from Japan.

The yen and Swiss franc appreciated in January against all of the other major currencies as the Standard & Poor's 500 Index fell more than 5 percent.

Japan's currency traded at 106.38 per dollar at 4:17 p.m. in New York, compared with 106.22 yesterday. The yen traded at 158.16 per euro, compared with 157.93. The dollar traded at $1.4866 per euro, compared with $1.4862. The Swiss franc traded at 1.6063 per euro, compared with 1.6099.

The yen rose 5.1 percent against the dollar in January, the biggest monthly increase since August 2001. It's up 3.1 percent against the euro. The dollar is down 1.6 percent against Europe's currency.

Yen Posts Biggest Monthly Advance Versus Dollar Since 2001, Bloomberg
1/31/2008 7:03:59 PM