(Bloomberg) -- The yen fell to near a record low
against the euro as gains in global stocks encouraged investors
to buy risky assets funded by loans in Japan.
Investors put on so-called carry trades amid waning concern
that financial firms will suffer mounting losses from holdings
of debt backed by U.S. subprime mortgages. The yen briefly pared
its decline after Federal Reserve Chairman Ben S. Bernanke, in
testimony to the Senate Banking Committee, said there will
``clearly'' be losses on subprime-backed debt.
Read more at Bloomberg Currencies News
against the euro as gains in global stocks encouraged investors
to buy risky assets funded by loans in Japan.
Investors put on so-called carry trades amid waning concern
that financial firms will suffer mounting losses from holdings
of debt backed by U.S. subprime mortgages. The yen briefly pared
its decline after Federal Reserve Chairman Ben S. Bernanke, in
testimony to the Senate Banking Committee, said there will
``clearly'' be losses on subprime-backed debt.
Read more at Bloomberg Currencies News
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