Tokyo shares fall marginally, eyes on NKorea tensions

Yen Franc Gains May Evaporate as Quickly as They Appeared

"Where the current tensions escalate sharply, we would expect an acceleration of this week's price action, i.e. a sharp rise in risk premiums across asset classes, substantial falls in usa and German government bonds yields, significant JPY and CHF strength and a massive sell-off in equities, particularly in Europe which is more linked into the global cycle". "We have no choice but to acknowledge the risks, and to report that financial markets are reacting to them".

The Swiss franc had also risen more than 1 percent against the euro on Wednesday, recording one of its largest single-day jumps against the euro since the Swiss National Bank removed its cap on the Swiss franc in January 2015.

The S&P fell as much as 0.52 per cent at its session low.

London's benchmark FTSE 100 index shed 0.9 per cent to 7,323.45 points.

Sales of so-called defensive assets - such as infrastructure funds, debt securities, government bonds and equity income funds, and certain currencies, such as the Swiss franc - were also reported to have increased in response to investor concerns over the geo-political mood, while global stock markets, which had been soaring until the threats began, fell back.

"It's surprising that given Japan's proximity to North Korea the yen is seeing any benefit from risk aversion", said Lennon Sweeting, chief market strategist for XE.com, in Toronto.

"Despite all this rhetoric, there is a general feeling that we are not going to go up to the war", said Karl Haeling, holding that this had provided little support to the market.

South Korean shares were down 0.9 percent and the won was 0.6 percent lower at 1,134.10 at 0048 (8:48 a.m. Wednesday in Manila).

The Japanese yen last strengthened 0.03 percent versus the greenback at 109.22 per dollar.

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The dollar index fell 0.14 per cent, with the euro unchanged at US$1.1757.

In forex trading, the dollar fetched 109.99 yen, almost flat from 110.02 yen in NY but up slightly from 109.74 yen in Tokyo Wednesday. Sterling was last trading at US$1.3006, up 0.02 per cent on the day.

In the latest economic data, the consumer-price index (http://www.marketwatch.com/story/us-consumer-inflation-remains-soft-in-july-cpi-shows-2017-08-11) rose a seasonally adjusted 0.1% in July, its fifth straight month of softness, raising more questions about whether inflation will eventually rise to hit the Federal Reserve's 2% annual rate target.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday.

LONDON, Aug 11 (Reuters) - The dollar was pinned close to an eight-week low against the yen on Friday as escalating tension over North Korea dominated currency markets thinned out by the summer holidays in Europe and the United States.

Oil prices rose after a report showed USA refineries processed record amounts of crude in the latest week, eating into inventories.

USA crude was down 0.9 per cent at $48.16 per barrel, on track for a weekly loss of 2.9 per cent.

Gold hit its highest level in nearly two months after Trump added to the geopolitical anxiety by boasting of the strength of the U.S. nuclear arsenal.

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