Emerging market currencies firm up against dollar, yen

SINGAPORE - The won and ringgit strengthened against the dollar and the yen, and concerns about defaults diminished after leaders from the Group of 20 nations endorsed targets to slash budget deficits once the world's economic recoveries are cemented.

The won gained 1.1 percent to 1,201.89 per dollar in evening trade in Tokyo, rising for the first time in five days, and Malaysia's ringgit climbed 0.8 percent. The cost of protecting Asia-Pacific corporate and government bonds from non-payment fell the most since June 21. The MSCI Asia Pacific Index swung between gains and losses. The Stoxx Europe 600 gained 0.4 percent to 249.26. Futures on the Standard & Poor's 500 Index rose 0.2 percent. Dubai's DFM General Index was little changed.

The G20 pledged to maintain existing stimulus plans and take "concerted actions" to sustain the global recovery, then aim to reduce deficits by 2013. G20 leaders also said the recovery, while faster than expected, is "uneven and fragile" and called for banks to raise more capital to avoid a repeat of the global financial crisis.