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#65 von noch-n-zocker 18.02.03 09:20:36 Beitrag Nr.: 8.642.700 8642700
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(Updates rates, adds more quotes)
By Chisa Fujioka
TOKYO, Feb 18 (Reuters) - The yen spiked higher against a spectrum of currencies on Tuesday, helped by seasonal demand from Japanese investors bringing offshore money back home.
The yen rose to a two-week high on the dollar and a three-week peak against the euro, but the market was careful about bidding the Japanese currency too strongly amid caution that Japan might intervene by selling the yen, dealers said.
At 0630 GMT, the greenback was quoted at 119.24/29 yen after dropping as low as 119.14, down from 120.13 in late New York trade.
The euro also suffered at 127.86/04 yen , near the day`s low and down from 128.94 in late U.S. trade. Against the dollar, it was flat at $1.0732/35 .
"There seemed to be quite a bit of Japanese repatriation of recent coupon payments on U.S. Treasuries, and stop-loss sell orders in the dollar around 120.00 yen were tripped on the way," said Hiroyuki Watanabe, manager of foreign exchange at Shinsei Bank.
Others said Japanese investors were also selling U.S. Treasuries and converting the proceeds into yen before the business year ends on March 31, a move seen every year as companies try to dress up their books.
A swathe of selling in the euro/yen cross rate was also cited.
Traders said there was big hedge-related buying in the yen from trust banks, notably in euro/yen.
Japanese trust banks were thought to be hedging for the huge chunks of money they have recently piled into foreign assets as alternatives to slumping stocks and slim yields at home.
Although Japanese investors were eagerly collecting profits ahead of end-March book closings, there was also plenty of demand from bargain hunters, dealers said.
"In preparation for book closings, investors including banks are most likely taking profits in U.S. Treasuries as war now seems to have been postponed for a while and due to caution about any surprise at the G7 meeting this weekend," said Yasuhiro Miyata, manager at Dai-ichi Mutual Life Insurance.
"But after selling U.S. Treasuries, investors are expected to buy them again," he said.
U.S. Treasuries initially dropped in early Asian trade on Tuesday, but yen-based Japanese players, such as life insurers, were spotted bidding in short-dated maturities.
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