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Yen rebounds from record low
The yen lifted against the euro after dropping to an all-time low yesterday, according to reports.
This morning the Japanese currency was trading at 163.35 against the euro, up from 164.29 in New York, Bloomberg reports.
A slump in Chinese stock led to movements, as investors sold assets with high yields bought with borrowed yen, according to the news agency.
Japanese economic statistics released yesterday also showed a second consecutive monthly decline in industrial production.
Commenting on the impact of Chinese shares on other currencies, HSBC Tokyo's head of forex sales Kosuke Hanao told Reuters: "The foreign exchange market is swinging between hope and despair due to the developments in Chinese shares."
Masahiro Sato, joint general manager of the treasury department at Mizuho Trust and Banking, told Bloomberg the Chinese authorities are expected to "take additional measures" in a bid to cool stock markets.
"This will provide further chances for yen gains," Mr Sato predicted.
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