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Yen gives up gains as Shanghai stocks trim losses

Tue May 29, 2007 9:53pm EDT

TOKYO, May 30 (Reuters) - The yen jumped against the dollar and euro on Wednesday after Shanghai's stock index .SSEC tumbled nearly 6 percent at the open but quickly gave up those gains as the Chinese market trimmed losses.

Traders had braced for a wave of yen short covering, worried that the hike in China's stamp duty on stocks overnight would prompt a sharp fall in equity markets and lead to an unwind of carry trades funded with the low-yielding yen.

The dollar initially fell near 121.30 yen JPY= but bounced back to to be little changed on the day near 121.60 yen. The euro recovered to 163.45 EURJPY= from a day's low around 163.10 yen.



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