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Kiwi climbs to 7-month high against yen

Thursday 22 Nov 2012 9:39 a.m.

The New Zealand dollar rose to a seven-month high against the yen after Japan's trade deficit widened, stoking concern the world's third-biggest economy is heading back into recession.

The kiwi rose as high as 67.13 yen, the highest since early April, from 66.50 yen on Wednesday.

The local currency was little changed at 81.30 US cents while the trade-weighted index slipped to 73.13 from 73.19.

Japan posted its fourth straight monthly trade deficit in October, with a gap of 549 billion yen, compared to a forecast deficit of 360 billion yen in a Dow Jones survey.

The trade deficit so far in 2012 has reached a record 5.3 trillion yen.

The kiwi extended its gains against the yen "as the extent of the financial quagmire of the world's third largest economy is slowly unravelled," Bancorp Treasury Services said in its morning note.

Trading may be subdued with US markets closed on Thursday for Thanksgiving Day.

The kiwi dollar fell to 78.40 Australian cents from 78.48 cents on Wednesday and weakened to 63.40 euro cents from 63.75 cents.

NZN

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