(RTTNews) - During early Asian deals on Monday, the Japanese yen showed weakness against its major counterparts.
Japan's unadjusted current account surplus was down 56.6 percent on year in October, the Ministry of Finance said on today, standing at 960.5 billion yen. That came in below analyst expectations that predicted a 50 percent decline, and it also marked the eighth straight month of surplus contraction. The current account surplus was 1497.9 billion yen in September and 2206.5 billion yen in October 2007.
Japanese bank lending jumped 3.6 percent on year in November, the Bank of Japan said on Monday, marking the fastest rate of increase since April 1992. The October figure was downwardly revised to reflect a 2.3 percent annual increase.
Against the US dollar, the Japanese yen lost ground after hitting a high of 92.59 during early Asian deals on Monday. As of 10:55 pm ET, the yen was quoted at 92.96 against the dollar, compared to 92.91 hit late New York Friday.
The Japanese yen edged down against the European currency during Monday's early deals. The yen that closed Friday's North American session at 118.23 against the euro slipped to 118.80 at 10:40 pm ET. The euro-yen pair is currently trading at 118.45.
Against the British pound, the Japanese currency traded down during early deals on Monday. At 10:40 pm ET, the yen touched a low of 137.16 against the sterling, compared to Friday's closing value of 137.10. The pound-yen pair is now worth 136.75.
The yen showed weakness against the Swiss franc during today's early deals. The Japanese yen that closed last week's New York deals at 76.16 versus the franc dropped to 76.35 at 10:40 pm ET. The pair is currently quoted at 76.15.
The major economic reports scheduled for release in Europe include the U.K. November input and output producer price indexes and the German industrial production for October. In the U.S., traders have little economic reports to digest on Monday.
by RTT Staff Writer
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