Nikkei pauses on profit-taking, yen hits 5-yr low vs euro

Investors also held back from chasing other regional equities higher, with the MSCI Asia-Pacific outside Japan index steadying after reaching its highest close in a week on Thursday. Japan's benchmark Nikkei (NIK:^9452) dipped 0.1 percent, though it is still up 9.7 percent this month as the yen slumped against the euro and dollar. Investors have been using the yen as a funding currency for carry trades with the Bank of Japan committed to keeping ultra-loose monetary policy to shore up growth -- in contrast to the U.S. Federal Reserve which is moving towards unwinding its $85 billion-a-month bond-buying campaign. The Japanese currency hit a five-year low versus the euro at 139.705 yen, and a six-month trough of 102.61 yen to the dollar.

by via Yahoo! Finance: Top Stories