Yen Declines to Lowest Against Dollar Since 2002 on U.S. Treasury Yields

(Bloomberg) -- The yen fell to the lowest against
the dollar since December 2002 and declined against the euro as
Treasury yields near the highest in five years encouraged
investment outside Japan.

Japan's currency dropped against all of its 16 most active
counterparts tracked by Bloomberg on an increase in carry trade
purchases of higher-yielding assets financed by borrowings in
the yen. The U.S. currency pared its gain against the euro as
benchmark Treasury yields dropped from five-year highs.


Read more at Bloomberg Currencies News