As Japan’s cherry trees bloomed and the stock market soared, Kohetsu Watanabe flew to a blossom- viewing party in Tokyo hosted by Prime Minister Shinzo Abe to tell the premier personally how bad things really are.
South Korea’s won completed the worst week in more than a month on speculation authorities will weaken the currency to safeguard exports after the yen slumped to a four-year low. Government bonds declined.
Philippine Finance Secretary Cesar Purisima said he is unconcerned that Japan is letting the yen tumble, setting him apart from other Asian policy makers who argue the currency’s slide is hurting their economies.
South Korea’s won fell to a two-week low on concern the yen’s slide will hurt the nation’s exports after the Group of Seven finance chiefs indicated they will tolerate a weak Japanese currency. Government bonds dropped.
European stocks rallied for a third week, closing at their highest level in almost five years, as companies from BT Group Plc to Hochtief AG posted earnings that beat estimates, while economic data exceeded expectations.
Asian stocks advanced, with the regional benchmark ending the week near its highest since June 2008, as the yen’s slide past 100 against the dollar buoyed exporters in the busiest week of Japan’s earnings season.