Luxury-home rents in Hong Kong and Singapore, two of Asia’s most expensive cities for apartment leases, are declining for a third year as banks squeezed by slowing growth cut budgets for expatriate workers.
The yen had the biggest monthly loss since January versus the dollar on speculation that the fastest Japanese inflation in 15 years will lead Prime Minister Shinzo Abe to press on with unprecedented stimulus measures.
The euro gained for a third straight month versus the yen after the currency region’s consumer-price index rose more this month than forecast, fueling bets the European Central Bank will refrain from further stimulus.
Jane Hu, a financial adviser from the Southern Chinese city of Huizhou, travels to the outskirts of Hong Kong to shop with her friends at least once a month. They rarely venture into the city center or stay overnight.
The euro rose to the highest in more than four years versus the yen after a German report showed Europe’s economic recovery may be gaining momentum, easing speculation the central bank will cut interest rates further.
The dollar rose to a six-month high against the yen as an unexpected drop in U.S. jobless claims and a rise in leading economic indicators added to speculation the Federal Reserve may start reducing stimulus next month.
The dollar fell to an eight-month low against a basket of 10 major currencies on bets disruption from the U.S. debt-ceiling debate will damp growth and prompt the Federal Reserve to postpone tapering its stimulus program.