Yen heads down in Asia, focus on G20 meeting

TOKYO: The yen edged down against other major currencies in Asian trade Friday as dealer focus on a meeting of G20 finance ministers in Washington, looking for reaction to Japan's huge easing measures.

The greenback firmed to 98.46 yen in Tokyo from 98.23 in New York late Thursday.

The euro rose to 128.64 yen from 128.21 yen, while inching up to $1.3064 from $1.3050 in New York.

The dollar may climb to 98.80 later Friday but further gains may not happen until the end of the G20 meeting, a senior dealer at a major bank said.

Analysts said the G20 was unlikely to voice major concern over Tokyo's easing moves, with Japan's finance minister and chief central banker expected to make reassurances they are targeting inflation, not the exchange rate.

"Barring a major crisis akin to Italy after the last G20 meeting, the yen will further weaken post-summit," Hideyuki Ishiguro, assistant manager at Okasan Securities, told Dow Jones Newswires.

And an equity strategist at a foreign brokerage added: "On the surface, it would seem a bit hypocritical for Europe or the United States to give Japan flak over policies that they themselves have implemented over the years.