(Reuters) - The yen hit a record low versus the euro on Tuesday and was stuck near a 4-1/2-year trough against the dollar as investors kept favouring carry trades funded with the low-yielding Japanese currency. The yen has fallen across the board since Bank of Japan Governor Toshihiko Fukui said late last week he had no preconceived ideas about a future rate rise, dousing expectations of a rate increase in July.
Most market players are looking for the BOJ to raise rates to a 12-year high of 0.75 percent in August, but such a move is not expected to dull the allure of carry trades -- borrowing cheap funds in the yen to buy higher-yielding currencies.
Read more at Reuters Africa
Most market players are looking for the BOJ to raise rates to a 12-year high of 0.75 percent in August, but such a move is not expected to dull the allure of carry trades -- borrowing cheap funds in the yen to buy higher-yielding currencies.
Read more at Reuters Africa
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