(RTTNews) - The Japanese yen edged higher across the board on Thursday in Asia as a slide in most Asian stocks prompted traders to seek safe-haven currencies. The yen jumped to a 15-day high against the currencies of the US and Canada, 1-week high against New Zealand and a 2-day high against Australia.
After a flat start, the Japanese stock market has drifted lower today on the back of some heavy selling in several blue chip stocks. The overnight negative close on Wall Street and weak Japanese retail sales and industrial output data appear to be hurting sentiment to an extent.
The benchmark Nikkei 225 index is down 110.17 points or 1.15% at 9,449.03.
Among other markets in the Asia-Pacific region, Australia, Singapore, New Zealand, India, Taiwan and South Korea are trading weak, while Shanghai and Malaysia are up with modest gains.
In economic news, Industrial production in Japan eased a seasonally adjusted 0.3 percent on month in August, the Ministry of Economy, Trade and Industry said today. That was sharply lower than forecasts for a 1.1 percent gain following the 0.2 percent easing in July.
On an annual basis, industrial production added 15.4 percent, again missing forecasts for a 16.9 percent increase following the 14.2 percent gain in the previous month.
Meanwhile, retail sales in Japan rose 4.3 percent on year in August, the Trade Ministry said today, standing at 11.232 trillion yen. That was below analyst expectations for a 4.7 percent increase following the 3.8 percent gain in the previous month. On a seasonally adjusted monthly basis, retail sales were up 1.4 percent.
The Japanese yen advanced to a 15-day high of 83.50 against the US dollar by 12:30 am ET, compared to 83.72 hit late New York Wednesday. The yen is presently worth 83.53 against the greenback and is approaching to its fresh 15-year high of 82.89 that hit 15th of this month.
The yen also climbed to a 15-day high of 80.76 against the Canadian dollar by 12:15 am ET and the pair moved sideways thereafter. The loonie-yen pair that closed yesterday's deals at 81.10 is presently quoted at 80.80. On the upside, the yen may find target around the 79.80 level.
The yen rose to a 1-week high of 61.47 against the NZ dollar by 12:20 am ET and the pair moved in a holding pattern thereafter. The kiwi-yen pair, which ended Wednesday's deals at 61.80, is presently worth 61.50 with 60.80 seen as the next likely target level.
Against the Australian dollar, the yen soared to a 2-day high of 80.75 around 12:20 am ET and the pair moved on hold thereafter. The aussie-yen pair that closed yesterday's deals at 81.19 is presently quoted at 80.77. If the yen ticks up further, likely resistance level is seen at 79.90.
Traders paid little reaction to the Reserve Bank of Australia's latest Financial Stability Report, which said that the Australian financial system remains in sound shape and economic growth has returned to trend.
The yen also traded higher against the European major currencies, rising to as high as 85.42 against the Swiss franc, 132.19 versus the pound and 113.58 against the euro before holding steady around 12:30 am ET. The yen closed yesterday's deals at 114.10 against the euro, 132.17 versus the pound and 85.71 against the Swiss franc.
Looking ahead, Japan is set to release its August numbers of vehicle production, housing starts and construction orders at 1:00 am ET.
French PPI for August, German unemployment rate for September, Italian and Euro-zone CPI-both for September are expected to garner market attentions in the upcoming European session.
Turning to the U.S., weekly jobless claims for the weekended September 25, GDP for the second quarter and Chicago PMI for September are expected in the North American session.
