By Chris Oliver
HONG KONG (MarketWatch) - The Japanese currency rose against the U.S. dollar late Friday in East Asia, retracting its sell-off earlier in the day, as investors gauged the likely economic impacts and effects upon currency flows of the massive 8.9 magnitude earthquake that struck Japan. One analyst said the rebound in the yen was driven by expectations of repatriation of the Japanese currency to help pay for reconstruction costs. "Investors increasingly believe the serious damage to infrastructures will require repatriation of the yen for massive rebuilding efforts," said Uwe Parpart, an economist with Cantor Fitzgerald in Hong Kong. The greenback was recently buying 82.79 yen in late afternoon in East Asia, after moving in a range between ¥82.53 and ¥83.30.
