Daisaku Ueno News
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The currency market is experiencing a bout of deja vu, with the yen’s tumble to a 4 1/2-year low and the dollar’s rebound drawing resemblances to 1995.
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UBS AG, Switzerland’s biggest bank, said it hired Daisaku Ueno as a currency strategist based in Tokyo.
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The yen strengthened for a second day against the dollar as a lack of unity among Japanese lawmakers for the government’s picks to run the central bank damped speculation for accelerated monetary easing.
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The yen rose against the euro and the majority of its major peers as technical indicators signaled the pace of recent weakening has been too quick.
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The options market is signaling the threat of a breakup in the 17-nation euro bloc is disappearing as the price of insurance against wild swings in the region’s single currency fall to a five-year low.
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Mitsubishi UFJ Financial Group Inc., Japan’s largest bank, said it will hire Daisaku Ueno from UBS AG and Takashi Nakagawa from Daiwa Securities Group Inc. to bolster research on bonds and currencies.
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The yen weakened, halting a two-day advance, as investors overlooked the Bank of Japan’s decision to keep its asset purchases unchanged and speculated it will add stimulus to turn around an economy in recession.
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The following are the day's top business stories:
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Australia’s dollar fell, heading for its first weekly drop in three, as losses in Asian stocks sapped demand for riskier assets.
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The Australian dollar traded 0.3 percent from the highest level in three weeks on speculation the Federal Reserve will signal further stimulus that tends to debase the U.S. currency.
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