Risk appetite pulls yen from peak

Yen- Last week yen upto the 14th year high of Y84.81 to the dollar on Nove-27.But as risk appetite improved from Dubai's debt problem,this week investors re-entered carry trades and pushed the yen lower. The move was given impetus by Friday's US employment.

The bank of japan as many people believed has come under pressure from the govt., undermined the Yen on tuesday by announcing measure to pump more liquidity into banking system.

The yen fell more sharply against Australlian dollar sliding5.6% to Y82.85 on the week as the Reserve Bank of Ausralia delivered a 3rd consecutive rise in interest rate lifting its main lending rate by 25basis points to 3.75%.

Over the week yen fell 4.6% to Y90.54 against dollar lost 3.7% to Y134.43 against the euro and dropped 4.4% to Y149.01 against the pound.

Over the week the dollar rose 0.9% to $1.4872 against the euro, climbed 1%to Sfr 1.0140 against the swiss frank and gained 0.1% to $1.6499 against the pound.