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Emerging Market Currencies Rise on Japan

Although there have been reports of radioactive contamination in Japan's seas, its government said they're haven't been at levels immediately threatening to humans. Still radiation has been found in tap water, spinach and milk and taken off the market.

The death toll from Japan's earthquake and tsunami has reached 10,000. Tens of thousands are still missing.

The Brazilian real was strengthening against the dollar even as the country battles rising inflation. Projections for Brazil's IPCA consumer price index have risen to 5.88% for 2011 from the previously expected 5.82%. Investors remain dubious about the ability of monetary policy tightening to curb inflation.

On Friday, central banks from the Group of Seven (G7) industrialized nations sold about 530 billion yen ($6.5 billion) to curb the currency's appreciation according to Japan's central bank. The currency had been appreciating amid a mass repatriation of funds in the aftermath of Japan's earthquake and tsunami.

Still UBS foreign exchange strategist Geoffrey Yu noted that evidence suggests the action wasn't enough to eradicate yen long clusters in the market.

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-- Written by Andrea Tse in New York.

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