Yen weakens above 100 per dollar

The yen weakened to above 100 per dollar for the first time in five months as the Group of 20 nations pledged to revive economic growth and on speculation the Federal Reserve will step up efforts to counter the U.S. slump.

The yen also fell to a five-month low against the euro and the Australian dollar as stocks rallied, increasing demand for higher-yielding assets. The euro is poised for a weekly gain against the dollar on speculation a European Central Bank official will signal the bank is done cutting interest rates after yesterday lowering them by less than economists expected.

The yen touched 100.18 per dollar and traded at 99.71. Japan’s currency weakened to 134.04 per euro. Europe’s single currency traded at $1.3446. Australia’s dollar rose to 71.39 yen. The New Zealand dollar advanced to 58.43 yen.