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Yen weak as other currencies advance on flat US dollar

The yen was the worst-performing major currency on Friday, while a flat US dollar allowed most other pairs to creep higher.

Down 0.2 per cent at ¥‎111.63 per dollar, the yen was eyeing a second straight day of declines, although this was providing a fillip for stocks as the Nikkei 225 rose through 20,000 points for the first time since December 2015.

The British pound, which has endured some whippy trading this week as traders weigh the outlook for next week’s national election, was next worst among the G10, less than 0.1 per cent weaker at $1.2879 on Friday.

China’s renminbi was 0.2 per cent weaker at Rmb6.8182 per dollar, pulling back from a six-month high as policymakers were said to have supported the currency this week.

Most other major currencies gained against the greenback, with the dollar index, a measure of the US currency against a basket of global peers, flat at 97.226.

The Australian dollar was up 0.2 per cent to $0.7385, recovering from two days of hefty declines following disappointing economic data and weaker commodity prices.