Amwal Al Ghad English - 2013-05-20 09:22:06
Asian stocks advanced Monday as the U.S. dollar's continued rise pushed Japanese stocks higher to a fresh 5½ year high, while Hong Kong gained as Chinese property developers outperformed.
The U.S. dollar weakened against the yen, after climbing above the ¥103 mark for the first time since October 2008 on Friday. The greenback had pushed higher against its Japanese counterpart after data showed a strong rise in U.S. consumer sentiment, which fueled speculation that the Federal Reserve could curtail its bond-buying program.
The yen pushed back after Japanese Economy Minister Akira Amari said on Sunday that the currency's excessive strength has largely "corrected" and that further weakness could "have a negative impact on people's lives."
The U.S. dollar was recently at ¥102.50, compared with ¥103.23 late Friday in New York, after dropping as low as ¥102 at the beginning of Monday's trading session.
In addition, precious metals declined in Asia. Gold was down 1.4% at $1,345.60 an ounce, while silver tumbled 4.6% to $21.32 an ounce. More»