The euro was slightly higher against the dollar and yen in Asia Friday, as Japan's finance minister suggested Group of Seven industrialized nations will start trying to ease market jitters triggered by Greece's debt turmoil.
Naoto Kan shrugged off speculation that the group may jointly intervene in the currency markets to support the euro, but said G-7 finance ministers are slated to hold a telephone conference later in the day to discuss Greece's problem.
Mr. Kan's remarks boosted expectations that the world's industrialized countries will work as one to alleviate sovereign debt concerns in some European nations, encouraging investors to buy back the single unit, dealers said.
"If G-7 officials cooperate to deal with the Greece's debt issue, that could generate a sense of security in the market and help curb sharp falls in the euro," said Masanobu Ishikawa, manager of foreign exchange at Tokyo Forex and Ueda Harlow.
A day after briefly plunging to a one-year low of $1.2510 and an eight-year low of ¥110.49, the euro was trading at $1.2696, up from $1.2599 in New York late Thursday. It was at ¥116.87 from ¥113.26.
In early Asian trading, the yen lost most of its gains against its counterparts, including the dollar, after the Nasdaq OMX Group said late Thursday it would cancel excessively volatile trades made on the day.
The U.S. stock market plunged Thursday in a harrowing five-minute selloff that appeared to be triggered by a breakdown of trading systems. Nasdaq said the exchange was working with other markets to cancel all trades executed at prices that were greater than or less than 60% away from the last printed price prior to 2:40 p.m. ET.The move prodded Jpanese bankers to sell the safe-haven yen as expectations grew that investors could cover losses incurred by stock declines last night and might buy back risky assets, dealers said. The dollar rose to ¥92.07 from ¥89.92 late in New York, compared with Thursday's low of ¥87.95—its lowest level since Dec. 10. The climb was in tandem with rises in higher-yielding currencies such as the Australian and New Zealand dollars, which rallied to ¥81.97 and ¥65.54 respectively.
The pound also rebounded against the yen as Tokyo traders bought back the currency following its sharp drops overnight. But caution remained as the U.K. general elections looked likely to result in a hung Parliament, which investors said could make it difficult for smooth financial rehabilitation in the country. This could darken the outlook for the U.K. economy and sterling may fall back soon, traders said.
The pound recently stood at ¥136.19, up from ¥133.31 in late New York, but it fell to $1.4789 from $1.4816. HAUSE CARS
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