(Bloomberg) -- The yen rose against all 16 of the
most-active currencies on speculation a slump in stocks will
spur investors to repay loans in Japan used to finance
investment in higher-yielding assets elsewhere.
Japan's currency rose to the strongest in three months
against the dollar and the highest in six weeks versus the euro
as futures traded yesterday in the U.S. indicated Asian stock
markets will drop. The yen's advance was steepest against the
Australian and New Zealand dollars, favorites of the so-called
carry trade, as the Standard & Poor's 500 Index closed yesterday
with a loss of 2.3 percent, the biggest decline since Feb. 27.
Read more at Bloomberg Currencies News
most-active currencies on speculation a slump in stocks will
spur investors to repay loans in Japan used to finance
investment in higher-yielding assets elsewhere.
Japan's currency rose to the strongest in three months
against the dollar and the highest in six weeks versus the euro
as futures traded yesterday in the U.S. indicated Asian stock
markets will drop. The yen's advance was steepest against the
Australian and New Zealand dollars, favorites of the so-called
carry trade, as the Standard & Poor's 500 Index closed yesterday
with a loss of 2.3 percent, the biggest decline since Feb. 27.
Read more at Bloomberg Currencies News
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