(Bloomberg) -- The Japanese yen gained after the
Reserve Bank of New Zealand sold its currency to stem a rally
that's been fueled by investors borrowing cheaply in Japan.
The yen advanced against 15 of the 16 most actively traded
currencies and climbed 1.8 percent versus the New Zealand dollar
after the central bank's intervention. Reserve Bank Governor
Alan Bollard said exchange-rate levels were ``exceptional and
unjustified.'' The New Zealand dollar has rallied 26 percent
against the yen in a year, more than any other major currency.
Read more at Bloomberg Currencies News
Reserve Bank of New Zealand sold its currency to stem a rally
that's been fueled by investors borrowing cheaply in Japan.
The yen advanced against 15 of the 16 most actively traded
currencies and climbed 1.8 percent versus the New Zealand dollar
after the central bank's intervention. Reserve Bank Governor
Alan Bollard said exchange-rate levels were ``exceptional and
unjustified.'' The New Zealand dollar has rallied 26 percent
against the yen in a year, more than any other major currency.
Read more at Bloomberg Currencies News
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