LONDON: The yen headed for the longest weekly winning streak in more than six years against the US dollar on speculation Prime Minister Junichiro Koizumi's administration would not try to reverse its advance.
The yen, up 4.5% in the past month, may prolong its rally should finance ministers and central bankers from the Group of 20 largest economies fail to reach a consensus on stemming the US dollar's decline, said Ian Stannard, a currency strategist at BNP Paribas SA here. Japan spent a record 32.9 trillion yen on currency sales in the year ended March 31.