The yen declined for a second day against the euro on speculation China's $586 billion stimulus package will give investors more confidence to buy higher- yielding assets using money borrowed in Japan.
The boost to China's economy, the world's fourth largest, improved risk appetite. The dollar also weakened against the euro, and the British pound after the Group of 20 nations said they are ready to act ``urgently'' to prop up global growth at a meeting yesterday in Sao Paulo.
EUR/USD started the day at $1.2775 before traded within $1.2780- $1.2900. Bids located at $1.2730/40, offers on approach to $1.2890/$1.2900 and $1.2950.
GBP/USD posted session high at $1.5885, before fall sharply down to $1.5675. Later the cable managed a rebound to $1.5800 before pressure renewed. Offers noted at $1.5880/1.5900 and $1.6000/25. Bids come in at $1.5670 and $1.5640 with stops below the latter level.
USD/JPY traded within Y98.70- Y99.30 range. Small offers Y99.40/50. more on approach to Y100.00. Bids at Y98.70 and и Y98.25/20. stops lower.