Japanese Yen Steadies, Commodity Currencies Hit Record Highs

Japanese yen steadied today as winner of the ruling Liberal Democratic Party's (LDP) leadership, Japan's incoming prime minister Shigeru Ishiba signaled monetary policy should remain accommodative, while commodity currencies were lifted to the year's highs by investor hopes of a turnaround in China's economy. The yen rose in Asian trading to a one-week high of 141.75 per dollar, but Ishiba's comments capped the advance. The euro was stable at $1.1167 and sterling traded at $1.3391. The Australian dollar was up 0.5% at a 20-month high of $0.6941 and the New Zealand dollar was up 0.5% to a 14-and-a-half-month high of $0.6375. The Chinese currency exceeded seven yuan to the dollar, reaching 7.0129 in domestic trading today. 67-year-old political expert Shigeru Ishiba will be appointed prime minister of the world's fourth-largest economy during a special session of Japan's parliament tomorrow (Tuesday), replacing outgoing Prime Minister Fumio Kishida. Source: Oman News Agency