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Archive for February 20th, 2009

Japan says forex stability needed for econ recovery

By Leika Kihara
TOKYO, Feb 20 (Reuters) - Japan needs to ensure its exchange rate market is stable to help its economy recover, the nation’s new finance minister said, as weakening global demand hits exports and pushes the world’s No. 2 economy deeper into recession.

Asia Currencies: Korea Won, Taiwan Dollar Lead Weekly Declines

By Lilian Karunungan
Feb. 20 (Bloomberg) — Asian currencies headed for their biggest weekly drop in three months, led by South Korea’s won and Taiwan’s dollar, on concern tumbling exports will drag more of the region’s economies into recession.

South Korean Won Falls to Three-Month Low on Recession Concern

By Bob Chen
Feb. 20 (Bloomberg) — South Korea’s won weakened beyond 1,500 per dollar for the first time in three months on concern falling exports will worsen a shortage of dollars and strain banks’ ability to repay debt.

Australia, N.Z. Dollars Set for 2nd Weekly Loss on Bank Concern

By Candice Zachariahs
Feb. 20 (Bloomberg) — The Australian and New Zealand dollars headed for a second weekly drop against the U.S. currency as concern over banks’ vulnerability to worsening eastern European economies pushed down higher-yielding assets.

Dollar May Rise to Four-Month High Against Yen, Citigroup Says

By Ron Harui
Feb. 20 (Bloomberg) — The dollar may rise to a four-month high against the yen should it close above a so-called neckline at 94.65, Citigroup Inc. said, citing technical charts.