Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ dollar climbs to 7-mth high vs. yen on weak Japan exports

NZ dollar climbs to 7-month high vs. yen on weak Japan exports

Nov. 22 (BusinessDesk) - The New Zealand dollar rose to a seven-month high against the yen after Japan’s trade deficit widened, stoking concern the world’s third-biggest economy is heading back into recession.

The kiwi rose as high as 67.13 yen, the highest since early April, from 66.50 yen yesterday. The local currency was little changed at 81.30 US cents while the trade-weighted index slipped to 73.13 from 73.19.

Japan posted its fourth straight monthly trade deficit in October, with a gap of 549 billion yen, compared to a forecast deficit of 360 billion yen in a Dow Jones survey. The trade deficit so far in 2012 has reached a record 5.3 trillion yen. Exports to China, Japan’s biggest trading partner, tumbled, sharpening interest
in today’s release of the China HSBC Flash Manufacturing PMI, which has been showing contraction.

The NZD/JPY extended its gains “as the extent of the financial quagmire of the world’s third largest economy is slowly unravelled,” Bancorp Treasury Services said in its morning note.

Trading may be subdued with US markets closed on Thursday for the Thanksgiving Day holiday.

The yen is also at a seven-month low against the greenback on speculation the main opposition LDP party will win power next month and make more concerted efforts to weaken the currency. Japan is New Zealand’s fourth-biggest export market after Australia, China and the US.

The kiwi dollar fell to 78.40 Australian cents from 78.48 cents and weakened to 63.40 euro cents from 63.75 cents. It fell to 50.99 British pence from 51.06 pence.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Interest Rates: Wheeler Hikes OCR To 3% On Inflationary Pressures, Eyes Kiwi

Reserve Bank governor Graeme Wheeler lifted the official cash rate for the second time in as many months, saying non-tradable inflationary pressures were "becoming apparent" in an economy that’s picking up pace and he's watching the impact of a strong kiwi dollar on import prices. More>>

ALSO:

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news