Yen loses ground to US dollar

The yen was lower in relation to the US dollar on Wednesday, falling 0.8 percent to ¥115.10 against the US currency, mostly on institutional buying of the greenback by Japanese institutions such as insurers.

The yen also fell in relation to other currencies, dropping 1.1 percent to ¥157.05 in relation to the euro, falling 1.3 percent to ¥94.05 against the Australian dollar, going 1.5 percent lower to ¥80.62 in relation to the New Zealand dollar. and retreating 1.5 percent to ¥231.90 versus the pound.

Elsewhere the greenback saw declines, falling 0.3 percent to $1.3650 versus the euro and 0.7 dropping percent to $2.0150 in relation to sterling in midday trade in New York.

Emerging markets currencies also made gains on the US dollar, with the Korean won up 0.1 percent to Won941.80, the South African rand adding 1 percent to R7.2200 to the dollar and the Turkish lira 1.5 percent higher to TL1.3200.

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