Yen Drops Against Dollar And Pound

(RTTNews) - The Japanese currency saw weakness against the dollar and pound on Thursday in New York, hitting short-term lows against each counterpart. The yen was slightly higher against the euro and franc.

The Ministry of Economy, Trade and Industry reported that overall retail sales in Japan inched up 0.1% year-on-year in April. That marked the ninth straight month of increase, but it came in well below analyst expectations that called for a 0.6% annual increase. It was also lower than the revised 1% year-on-year expansion in the previous month. On a seasonally adjusted basis, sales eased 0.1% annually, below expectations for a flat reading and down from the revised 0.4% year-on-year increase in March.

Elsewhere, the Ministry of Finance stated that Japanese investors purchased a net 476.5 billion yen in foreign bonds in the week ended May 23, up from 290.2 billion yen in the previous week.

The yen slipped to a three-month low against the greenback. The Japanese currency touched as low as 105.86 before edging back to 105.53 in the mid-afternoon.

The Japanese currency was modestly higher in choppy trading against the euro, which dropped against other majors as well. The pair moved at 163.58 in the mid-afternoon.

The yen moved to its lowest level in nearly four weeks against the British pound. The pair moved at 208.33 in the mid-afternoon after the Japanese currency earlier touched as low as 208.95. Against the Swiss franc, the yen was higher at 100.50.

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