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Currencies were mixed in Asian trading, but with the yen the strongest among the majors and trading at a five-month high.

The Japanese currency was one-quarter of 1 per cent stronger at ¥110.54 per dollar, its highest level since mid-November and was also eyeing a fifth-straight day of gains.

The yen has been on a bit of a tear lately, with analysts pinning its recent advance on increased scepticism for a global reflation trade.

In late March, the yen gained for eight sessions in a row, which was among its 13 longest since 1970.

The dollar index was down 0.1 per cent at 100.45, having closed flat on Wednesday following the Fed minutes and the ADP private payrolls report.

The euro was up 0.1 per cent at $1.0675, while the British pound was flat at $1.2479.

Worst of the lot was South Korea’s won, down 0.7 per cent, followed by the Australian dollar, which shed 0.5 per cent. Both currencies were trading at their weakest levels since mid-March.

Copyright The Financial Times Limited 2017. All rights reserved.

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