Yen Surges 2.8% Biggest Weekly Gain as 'Buy Japan' Confidence Builds

The Japanese yen is on track for its strongest weekly rise since the start of the week, the yen has climbed about 2.8% against the dollar, reaching as high as 152.25 and last trading just below 153. Investors are betting on Takaichi’s growth policies. Naka Matsuzawa, chief strategist at Nomura Securities in Tokyo said "It's Japan buying," as foreign investors are buying both Japanese stocks and bonds. The currency also rose over 2% against the euro this week. Global markets feel the impact as the dollar comes under pressure. Strong U.S. jobs data failed to lift the dollar, the Australian dollar hit a three-year high at $0.7146. China’s yuan climbed past 6.90 per dollar for the first time in 33 months, while the euro was 0.11% higher against the dollar, and the pound edged slightly higher despite weak UK growth.