(Bloomberg) -- The yen strengthened to the highest
in more than a month versus the dollar as declines in world
stock markets prompted traders to reduce investments in assets
funded by borrowing in Japan.
The yen rose against all 16 most-actively traded currencies
after Moody's Investors Service cut ratings on $5.2 billion of
bonds backed by U.S. subprime mortgages, pushing down shares of
banks and builders. Investors switched to the safety of
government bonds on concern a U.S. housing slowdown will weigh
on the world's biggest economy and curb global growth.
Read more at Bloomberg Currencies News
in more than a month versus the dollar as declines in world
stock markets prompted traders to reduce investments in assets
funded by borrowing in Japan.
The yen rose against all 16 most-actively traded currencies
after Moody's Investors Service cut ratings on $5.2 billion of
bonds backed by U.S. subprime mortgages, pushing down shares of
banks and builders. Investors switched to the safety of
government bonds on concern a U.S. housing slowdown will weigh
on the world's biggest economy and curb global growth.
Read more at Bloomberg Currencies News
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