Yen weakens against rivals in wake of strong China GDP

The yen weakened further against its rival currencies during Asian trade on Friday, lower by nearly 1% against the dollar to a fresh three-week low, with solid China growth data further brightening investors’ sentiment to offload perceived safety of the Japanese currency.

The U.S. dollar USDJPY, +0.69%  at ¥105.72, compared with ¥105.35 late Thursday in New York. The greenback briefly touched ¥106.32 midday, its highest since June 24. The euro EURJPY, +0.85%  higher at ¥117.58 from ¥117.21, while the pound GBPJPY, +0.73%   advanced to ¥141.72 from ¥140.58.

Despite the Bank of England’s surprising decision overnight to stand pat amid the uncertainty post-Brexit, risk taking sentiment has been kept intact with gains in global stock markets. The benchmark Nikkei Stock Average rose 0.9% midday after a four-day winning streak.

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