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. Last Updated: 07/27/2016

Dollar Scores 3-Year High Against Yen

LONDON -- The dollar scored a 42-month high above 114 yen on Monday, as the Japanese currency weakened across the board, but could only hold steady against the Deutsche mark.


Leading European bourses put on a mixed performance. A surprise takeover bid helped the London stock market, Europe's busiest, attempt to get back nearer to recent record levels in the morning, but investors' enthusiasm later faded.


The Frankfurt bourse advanced by 1 percent, boosted by a stream of encouraging corporate news, but Paris slipped back after a more positive start.


Wall Street followed through on Friday's gains, with the Dow Jones industrial average adding around 20 points to 6,027 after gaining 14.54 on Friday.


Traders said a busy week for U.S. data could prompt caution on markets generally, given a common focus on the health of the American economy. The run of statistics will culminate Friday in U.S. October jobs figures.


The yen suffered as Japanese investors kept on searching for higher-yielding investments abroad, amid uncertainty over the eventual political outcome after Japan's general election Oct. 20 left a hung parliament, market analysts said.


"Japanese investors are still showing a tremendous appetite for overseas assets," said Pat Magill, head of the corporate desk at Daiwa Europe.


"We probably won't see the end [of yen weakness] until Japan puts [interest] rates up," added Thomas Rayner, international economist at Societe Generale Strauss Turnbull.


?In Asia, Tokyo's stock market snapped a five-day losing streak Monday, bucking the bearishness that dragged most other stock exchanges lower. Tokyo's 225-issue Nikkei average gained 145.44 points, or 0.7 percent, to close at 20,885.41.


Elsewhere in Asia, the bears ruled.


Hong Kong stocks ended sharply lower, hit by an afternoon slide as a pause in the market's recent rally prompted investors to take profits, brokers said.


The Hang Seng closed 125.61 points, or 1.01 percent, lower at 12,262.77.


The Philippine Stock Exchange index took the hardest hit Monday, suffering its biggest-ever, single-day drop. The index plummeted 3.73 percent to close 110 points lower at 2,852.