[Glanteeignile]

Yen Gains Versus Peers as Stock Drop Boosts Refuge Demand

The yen gained versus all of its major counterparts as investors flocked to refuge assets amid a decline in Asian equities.

The euro held near a one-month high against the greenback before a European finance ministers’ summit this week where they are expected to agree to bolster the region’s debt-crisis firewall. The U.S. currency rose against the Australian and New Zealand dollars before a report forecast to show orders for durable goods rose last month, reducing the case for further easing by the Federal Reserve.

“U.S. stocks fell and Asian stocks are a bit lower,” said Lee Wai Tuck, a currency strategist at Forecast Pte in Singapore. “If the stock market were to come under further pressure, then you’ll likely see Aussie down against the yen, euro down against the yen.”

The yen added 0.3 percent to 82.97 per dollar as of 10:15 a.m. in Tokyo. It fetched 110.65 per euro from 110.75. The 17- nation currency gained 0.2 percent to $1.3337 after climbing to $1.3386 yesterday, the highest since Feb. 29. Australia’s dollar weakened 0.2 percent to $1.0443 and New Zealand’s dipped 0.2 percent to 81.94 U.S. cents.

The MSCI Asia Pacific Index (MXAP) of stocks lost 0.2 percent. The Standard & Poor’s 500 Index fell 0.3 yesterday, while the Stoxx Europe 600 Index declined 0.5 percent