The Japanese yen ran out of momentum against the dollar on Friday, following three days of gains, as Group of 20 officials did not criticise Japan for weakening its currency.

The yen had made headway on expectations the G20 officials, who met in Moscow on Friday and Saturday, would underline comments from G7 officials earlier in the week, about the yen's weakness. However Japan was not singled out in the draft G20 statement.

The greenback bought at a low of ¥92.19 on Friday, and later traded at ¥93.52 compared to ¥92.85 on Thursday. For the week, the dollar was up 0.9% against the yen. The previous week the dollar had changed hands at above ¥92.70.

The euro changed hands at ¥124.96, up 0.6% as the G20 urged members to avoid competitive devaluations, but did not single out Japan for criticism.

Meanwhile the dollar index, which measures the US currency against a basket of six others, rose to 80.475 from 80.336 on Thursday. The euro was little changed against the dollar.

Sterling nudged 0.2% higher at $1.5513 despite disappointing UK retail sales data.



CJ

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