(Bloomberg) -- The yen dropped to near a record low
versus the euro and the weakest since 1992 against the pound as
concern eased that losses will mount in securities backed by
subprime mortgage loans.
Investors pushed the yen lower as U.S. stocks advanced on a
better-than-expected earnings report from Merrill Lynch & Co.,
cooling speculation that U.S. financial companies would be hurt
by losses in subprime debt. Rallying stocks encouraged buying of
risky assets funded by loans in Japan, a strategy known as the
carry trade. The yen also fell versus the dollar.
Read more at Bloomberg Currencies News
versus the euro and the weakest since 1992 against the pound as
concern eased that losses will mount in securities backed by
subprime mortgage loans.
Investors pushed the yen lower as U.S. stocks advanced on a
better-than-expected earnings report from Merrill Lynch & Co.,
cooling speculation that U.S. financial companies would be hurt
by losses in subprime debt. Rallying stocks encouraged buying of
risky assets funded by loans in Japan, a strategy known as the
carry trade. The yen also fell versus the dollar.
Read more at Bloomberg Currencies News
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