The yen remained lower against the dollar after tumbling for a third straight year amid speculation the Bank of Japan will continue unprecedented stimulus measures, while the Federal Reserve will raise interest rates this year.

The dollar held gains against its 16 major peers before a report by Market Economics which economists say will show that a U.S. manufacturing index rose. The New Zealand dollar weakened, extending declines since 2013, after a Chinese manufacturing gauge slipped to the lowest level in 18 months.

The yen declined 0.1 percent to 119.87 against the dollar at 8:10 a.m. in Singapore. Against the euro, Japan™s currency was little changed at 144.86. The shared currency slipped 0.2 percent to $1.2085. New Zealand™s currency, also known as the kiwi, fell 0.1 percent to 77.95 U.S. cents.

Financial markets are shut today in China, Japan, New Zealand, Philippines, Taiwan and Thailand.

Source : Bloomberg