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Yen soars to 14-month high

Asia-Pacific currencies mixed
HONG KONO. Dec 29. Asta-Padfic region currencies bad a mixed week against the dollar.
the South Korean won dropping to a 45 month low. reports AFP.
Up with the yen were the Singapore dollar. Malaysian ringgit. Philippine peso and Thal baht
The Australian. New Zealand. Hong Kong and Taiwan dollars all fell against the Greenback, while the Indonesian rupiah ended the seven
Japanese yam The yen hit a 14 month high against the dol far of 125.70 Friday before closing the week at 125.75. up 2.57 yen from a week earlier.
Market players remained wary of the Greenback due to the slow US economic recovery. dealers said, but trading was limited because of the hol-
The Japanese currency opened the week 1.45 yen higher at 136.87 yen and steadily gained ground against the battered dollar.
On Friday, the Greenback slipped below 126 yen for the first time since October 1990 with the market anticipating a further decline in U.S interest rates, dealers said.
Australian dollar: The Aus-. trallan dollar weakend throu-£the holiday-shortened tra-ig week as investors sold amid speculation of an imminent cut in Interest rates, dealers said Friday.
In the local market, which closed Wednesday and Thursday for Christmas, the currency finished Friday at 76.09 US cent, down from the
previous week's 76.73 US cent. Macquarie Bank said.
The currency weakend tn offshore trading overnight Monday, killing to a six-month low of 75.98 US cent before recovering later. It had stood at 75.78 US cent In June.
Prime Minister Paul Keating's cabinet reshuffle, in which he named John Dawkins as treasurer, was widely anticipated and the currency barely -Wl^.ed .nd., closed Friday at 56.0 from the previous week's 57.5 points.
Hong Kong dollar The Hong Kong dollar ended the week at 7.7785-7.7795 to the US dollar, down on last week's 7.7725-7.7735.
The Hong Kong currency has been officially pegged at around 7.80 to the Greenback since October 1983.
Its e(TectIve exchange rate closed Friday at 109.2 down from 109.5 the previous week.
Dragged down by the slid Ing US dollar, the rate has .alien steadily in recent weeks, with the local unit hitting Its deepest lows of 1991 against the German mark and pound sterling.
Indonesian rupiah: The Indonesian currency opened trading Monday at 1.989 to the dollar, cne rupiah up on its Friday close, but then weakened through the four-day trading week to close again at 1.990.
Malayitrn ringgit The ringgit Friday ended the holiday-shortened week at 2,7475 to the dollar, up ?n last week's 2,7420 following Intervention from Bank Negara. Malaysia's central bank, dealers said.
The bank sold about 40 million US dollar Friday to stem ,
the ringgit's possible decline tn the face of heightened local demand for Greenback towards the end of the week.
The central bank's rather aggressive presence and a generally weaker Greenback overseas helped steer the ringgit to a higher close this week," one dealer said.
Trading In the week ahead Is likely to remain dull as most traders will be away for the year-end holidays, dealers said.
Now Zealand dollar: The New Zealand dollar last week continued Its downward drift to close Friday at 54.45 US cent compared with 54.67 seven days earlier and 55.80 the previous week.
Dealers reported very light trading during the holiday period. There's no volume going through so the movement is not very relevant .' said one. adding that " The overall lone is steady rather than weak."
Westpack Bank dealer Paul Kammel said the Kiwi had
hardly traded offshore and should stay steady.
Philippine peso :The Phi llpplne peso strengthened from Its previous Friday s 26.70 to the dollar to 26.65 Thursday, where It remained through closing Friday.
Singapore dollar: The Singe pore dollar strengthened further against the US currency over the week to end at 1.6270 Friday against 1.6465 the previous week.
The US dollar has slipped against the local currency for the last two weeks, and last Tuesday hit a record low of 1.6250.
Dealers here said the Greenback was likely to fall further, and even predicted
that the Monetary Authority of Singapore, the country's de facto central bank, wus likely to Intervene and prop up the Greenback.
The Singapore dollar was up against moat other major Aslan currencies . Including the Malaysian Ringgit, which hit an all time low against the local unit Friday
South Korean won: The won continued its slide against the dollar through the week as South Korea's trade deficit continued to grow, ending Friday at 760.30.lts lowest level in three years and nine months, down from 758.70 the previous week.
Taiwsn dollar: Taiwan currency slid 0.25 cent over the week from Its dose seven days previously to end Friday at 25 7525 to the US dollar
After opening Monday at 25.75. the local unit fluctuated between 25.75 and 25.7525 1n hectic trading as the Central Bank of China attempted to hail tn further rise in the Taiwan currency.
Following the US Federal Reserves December 20 discount rate cut. the central bank was reported to be considering similar action to reduce the interest rate differential between the local and US dollars.
Thal baht: Thal currency strengthened slightly against the Greenback over the week to close Friday at a mid-rale of 25.27 baht to the dollar, up from last week's 25.37.
The baht rose after the increase In German Interest rates, a Bangkok bank official said, adding the upward trend was expected lo continue In the coming week.