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Summary Markets will also be looking on Thursday to the policy meeting of the European Central Bank.
The dollar was given a boost against the yen in Asian trade Thursday after Japan logged a record monthly current account deficit in January.The US unit rose to 81.26 yen in Tokyo afternoon trade against 81.13 late Wednesday in New York.The greenback could test its recent high of 81.87 yen depending on the outcome a Greek bond swap and US non-farm payrolls data Friday, Kengo Suzuki, forex strategist at Mizuho Securities, told Dow Jones Newswires.Japan reported the deficit in the current account, the broadest measure of trade with the rest of the world, stood at 437.3 billion yen ($5.4 billion) in January as exports fell and energy costs rose.It was the first deficit since January 2009, when Japan registered its previous record shortfall of 132.7 billion yen at the height of the global financial crisis.Forex traders use the figures as an indicator of the trend in the flow of money and took the opportunity Thursday to sell the yen.The euro rose against major currencies in Asian afternoon trade, following the gains in New York as private investor endorsements of the crucial Greek debt writedown trickled in ahead of the Thursday deadline.The euro was trading at $1.3170 and 107.04 yen in Tokyo trade, compared with $1.3148 and 106.68 yen.Late Wednesday, more than half of creditors had agreed to participate in the operation, a kind of controlled default of Greeces privately held debt aimed at calming a crisis that concerns the entire eurozone.The common currency had sunk Tuesday amid worries that not enough of Greeces private creditors would sign on to make the 107-billion-euro debt writedown and bond swap deal go through.The deal is a crucial part of the 237-billion-euro second bailout for Athens that is aimed at preventing the country from defaulting on its debt, a move that could wreak havoc throughout the eurozone.Markets will also be looking on Thursday to the policy meeting of the European Central Bank to see if it further eases monetary conditions.The dollar was lower against Asian currencies. It fell to Sg$1.2565 in Tokyo afternoon trade from Sg$1.2616 on Wednesday, to 42.67 Philippine pesos from 43.00 pesos and to 1,118.78 South Korean won from 1,125.85 won.The dollar also eased to 30.61 Thai baht from 30.75 baht, to Tw$29.49 from Tw$29.53 and to 9,122.50 Indonesian rupiah from 9,176.25.
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