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Channel NewsAsia
Channel NewsAsia
AsiaPac · 59 mins ago
Yen strengthens as Japan considers nudging pension funds into domestic assets
NEW YORK, July 10 : The yen climbed on Friday and was on track for its biggest daily percentage gain in more than a week after Japan said it plans to encourage pension funds to increase their holdings of domestic financial assets.Japanese Finance Minister Satsuki Katayama said the government was pursuing measures that would include encouraging the Government Pension Investment Fund, the world's largest pension fund, to make "substantially greater investments in Japanese financial assets."The Japanese yen strengthened 0.38 per cent against the greenback to 161.77 per dollar after reaching 161.27. However, the dollar was still up about 3 per cent on the week against the yen. "If you look at the scope or scale of the move, it's not that impressive — it went from, it was a one yen move, and it
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