Yen jumps on financial minister's comment

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    Putrajaya has sent its preliminary report on the disappearance of flight MH370, but has yet to release it publicly, CNN reported today, despite insisting that it has nothing to hide. “It just adds fuel to the fire – which is like a furnace now – of disbelief, particularly in China, as to what is going on,” Geoffrey Thomas, managing director of... …

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    Former prime minister Tun Dr Mahathir Mohamad said it was up to the president of the United States whether to see opposition leader Datuk Seri Anwar Ibrahim or not. "It is his (Obama) right, up to him who he wants to see, he does not even want to see me, a former prime minister," Dr Mahathir (pic) told reporters in Putrajaya today. He was... …

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  • Tuhan Harun case postponed again to July 22 – Bernama
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    The Lower Shariah Court today postponed again the case of leader of the “Tuhan Harun” deviant sect, Harun Mat Saat, to July 22. Judge Abdul Wahid Mohd Ali set the date after hearing the application from Pahang Islamic Religious Department deputy prosecutor Mohd Fahmi Abd Jalil that he needed more time to examine the legal representation... …

  • What if flight MH370 is never found?
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    Despite assurances from Malaysia and Australia that the search will continue for Malaysia Airlines flight MH370, the lack of significant leads after almost seven weeks are leading many to ask: What if the jetliner that disappeared over the southern Indian Ocean is never found? At the start of the massive international search effort, such a... …

  • New law to give Sarawak natives freedom in purchasing customary rights land
    New law to give Sarawak natives freedom in purchasing customary rights land

    Bumiputera from Sarawak could eventually buy Native Customary Rights (NCR) land outside their ethnic group or community when the state amends its Land Code in November. Chief Minister Tan Sri Adenan Satem (pic, right), in disclosing the government's intention to table the amendment at its Budget sitting, said with the amendment the Iban, for... …

The yen rallied Friday after a key Japanese official said its recent tumble against the dollar was unexpected.

Japan's Finance Minister Taro Aso reportedly told the lower house budget committee that "the exchange rate has abruptly reached the 90 yen level... in a manner we didn't anticipate."

Aso was commenting on the economic drive by Japan's new government of Prime Minister Shinzo Abe, which swept to power in December, to ease monetary policy, increase public spending and strive for economic growth.

The yen has tumbled about 10 percent against the dollar since Abe took office in late December, sparking criticism that Japan was attempting competitive devaluation of its currency.

At 2200 GMT, the dollar bought 92.70 yen, down from 93.61 yen at the same time Thursday.

The euro fell to 123.83 yen from 125.40 yen late Thursday.

The euro continued to feel the drag from European Central Bank chief Mario Draghi's comments Thursday that gave a middling picture of the eurozone economy.

The European currency fetched $1.3361 compared with $1.3395 Thursday.

Earlier in the day, the euro sank to $1.3350, its lowest level since January 25.

"The euro extended its decline in the wake of the European Central Bank's dovish monetary policy press conference," said Nick Bennenbroek of Wells Fargo Bank.

Investor sentiment "certainly wasn't helped by Draghi's rather downbeat comments yesterday, but in some ways he has helped because the last thing Europe needs right now is a stronger currency," said Michael Hewson at CMC Markets.

Against the Swiss currency, the dollar slipped to 0.9168 francs from 0.9183 francs late Thursday, while the pound rose to $1.5796 from $1.5709.

Elsewhere in the currency market, the Venezuela government announced it was devaluing its currency by 32 percent against the dollar on the orders of cancer-stricken President Hugo Chavez, who sees it as a way to boost economic growth.

The bolivar will be lowered to 6.3 to the dollar, from 4.3, it said.

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  • MH370 passenger’s partner tells of strange email from sacked Fox officer The Malaysian Insider
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  • My last moments with Pa: Ramkarpal Singh The Malaysian Insider
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  • In Disney's shadow, homeless families struggle Associated Press
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