Home | China | World | Business Asian Currencies Growing Stronger TUE, FEB 19, 2002     Many Asian currencies gained ground against the US dollar, with the Japanese yen strengthening amid expectations of new economic reforms and the Australian dollar rising on the back of better than expected jobs data. The yen gained ground in Tokyo over the past week, with the greenback trading at 132.73-75 yen on Friday, compared with 133.63-65 yen a week ago. Dealers said the yen strengthened as investors became hopeful the government would soon announce new measures to fight deflation and prop up the sagging economy. Speculation that Japan would pump fresh public funds into its debt-laden banking sector also buoyed the yen. "The Japanese Government might inject money into the banks," said Barclays Capital foreign exchange trader Hiroshi Sakuma. "When they did this the last time in 1999 the Nikkei (index) was bought and JGBs (Japanese government bonds) were bought and the yen was bought so if the government injects more money into the banks then the yen might be bought from historic reference," he said. The yen's gain was capped, however, after Moody's Investors Service indicated on Wednesday a possible downgrade of Japan's sovereign debt. But hopes that Tokyo would announce new economic measures ahead of a visit by US President George W. Bush, who arrived in Japan yesterday, have supported the Japanese unit. The Australian dollar rallied sharply on Friday, boosted by stronger than expected jobs data and holding gains in a new trading range after cracking key resistance at 51.50 US cents overnight. The unit shot as high as 51.79 US cents in offshore trading before easing back, and at the close of trading on Friday it was at 51.53 US cents compared to 51.11 at last week's close. In late Singapore trade on Friday, the US dollar was at 1.8250 Singapore dollars, down from 1.8315 the previous week. The Hong Kong dollar closed on Friday at 7.7994-97 against the greenback compared with the previous week's 7.7992-95. The Indonesian rupiah closed the week slightly stronger at 10,230 against the US dollar compared with last week's close of 10,300. The South Korean won strengthened to 1,315.20 won per US dollar from 1,320.20 won a week earlier as the greenback came under pressure from the net buying of South Korean stocks by foreign investors. Editor:Winnie Source:China Daily Recommend to your friend email:    China Central Television,All Rights Reserved