The yen traded close to a one-month low versus the dollar and the euro on speculation the Federal Reserve will cut interest rates today, encouraging investors to buy higher-yielding assets funded by loans in Japan.
The yen was at 111.87 per dollar at 8:29 a.m. in Tokyo from 111.71 in late New York yesterday when it reached a one-month low of 111.89. Against the euro, the yen touched 164.63, the weakest since Nov. 9, before trading at 164.59 from 164.33. The euro bought $1.4714 from $1.4712. The pound was steady at $2.0453.
