US job losses boost yen fortunes
US job losses have helped the yen climb to a three-week high against the dollar, it has been reported.
The Japanese currency rose to 112.96 in Monday trading in Tokyo, up from
113.38 at the close of New York trading on Friday.
And it also made gains against the euro, rising to 155.66 from 156.10, according to Bloomberg figures.
"Concerns are intensifying that the U.S. economy is slowing,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex, the business news network reports.
"The bias is to sell the dollar," he added.
US data showed that non-farm payrolls had declined in August, for the first time in four years.
Some analysts are interpreting the figures as signs of a worldwide economic crash in the making.
A US report on trade deficits to be released tomorrow is expected to show that the greenback needs to weaken to fuel foreign trade.