Yen gains on major currencies

The yen gained on the US dollar, the euro, and all other major currencies on Monday on a warning from G7 officials that the global economy will be adversely affected by continuing equities market volatility and the US subprime mortgage crisis.

At shortly before noon in new York the yen stood at ¥106.7250 to the US dollar, at ¥154.8579 to the euro, and at ¥207.9376 to the pound.

The yen gained the most versus the South African rand, to ¥13.685 to the South African currency, while the rand also declined to R7.7975 to the US dollar.

The euro gained on the US dollar, to $1.4510 to the shared currency on comments from a European Central Bank official that the bank is still worried about inflation, but gains were limited by the chances that Eurozone interest rates will fall soon.

The Canadian dollar declined in relation to the greenback, dropping to C$1.0010 to the US currency on comments from the governor of Canada’s central bank that hinted at a cut in interest rates there soon.

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