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Dollar turns higher against yen on Japan pension fund report
May 30, 2013 / 10:39 AM / 4 years ago

Dollar turns higher against yen on Japan pension fund report

LONDON, May 30 (Reuters) - The dollar cut earlier losses to turn higher on the day against the yen on Thursday after sources said Japan’s public pensions fund was considering a strategy change that would allow investment in domestic stocks to grow with a rallying market.

People familiar with the deliberations said the fund was considering a more flexible approach to allocations and that the changes could be announced as soon as next month, according to an exclusive Reuters story.

The dollar was last up 0.35 percent at 101.48 yen, taking it well above an earlier low of 100.46 yen which was its weakest since May 9. Traders said the dollar was lifted as Nikkei equity futures rose.

The euro also rose 0.5 percent to 131.62 yen.

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