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Jakarta, Financeroll.com
Yen falls vs dollar

The yen fell, approaching a one- week low against the dollar on speculation government reports will show Japan’s recession is deepening, reducing demand for the currency as a refuge from world financial turmoil.

The Australian and New Zealand dollars gained against the yen as Asian stocks extended a global rally, spurring investors to seek higher-yielding assets. The euro fell versus 13 of the 16 major currencies as the Wall Street Journal reported that Banque AIG, a unit of American International Group Inc.’s Financial Products division, may face defaults on $234 billion of derivatives after two executives in Paris stepped down.

The yen fell to 97.81 against the dollar. The currency was at 132.70 per euro. The dollar traded at $1.3570 per euro and was at $1.4592 versus the British pound. The Australian dollar climbed to 68.40 yen, and the New Zealand currency gained to 56.06 yen.

The yen weakened against 15 of the 16 most-active currencies today before a trade ministry report tomorrow that may show retail sales declined for a sixth straight month.

Trend market move ?