Yen Extends Losses Versus Dollar As Global Stocks Continue to Trade Higher

Japanese Yen lost ground versus its American counterpart on Monday as demand for safe-haven assets retreated amid rising optimism that the U.S. would pursue a “peaceful pressure campaign” against North Korea’s nuclear threats.

The pair USDJPY jumped more than 0.3 percent to trade at 111.16 yen per dollar in Asian trading session on Monday, extending Friday’s 0.5 percent drop. Asian shares tracked fresh record highs on Wall Street last Friday, rising higher in Australia, South Korea and Hong Kong while Japanese markets are closed for a holiday.

The MSCI Asia Pacific Index jumped 0.6 percent with the Kospi index leading the market. South Korea’s stock benchmark index climbed 1.1 percent while Australia’s main gauge added 0.6 percent. The Hang Seng Index in Hong Kong climbed 1 percent and the Shanghai Composite Index also traded in positive territory.  Futures on the S&P 500 Index edged 0.2 percent higher after the underlying measure rose 0.2 percent to surpass the 2,500.00 level for the first time in history on Friday.

In an appearance on the CBS’s “Face the Nation” on Sunday, Secretary of State Rex Tillerson said that the U.S. seek a peaceful resolution to end the nuclear standoff with North Korea. U.S. President Donald Trump is scheduled to start a four-day course of diplomatic meetings on Monday at the United Nations General Assembly to discuss solutions for North Korea’s sanctions and Iran’s nuclear program.

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