Dollar Rises as Global Growth Concern Spurs Safe-Asset De

30/03/2012 22:38 AST

The yen rose against the dollar and euro as concern the rate of global economic growth is slowing spurred demand for safer assets as the nation approaches its fiscal year end.

The Japanese currency strengthened against the majority its 16 major counterparts amid speculation Japanese companies will repatriate overseas earnings before the end of the fiscal year on March 31. The dollar strengthened earlier after a report showed U.S. factory orders trailed forecasts and the United Kingdom revised first-quarter growth downward. The 17-nation euro erased losses against the dollar after a draft statement from European finance ministers showed governments are preparing to increase rescue funds.

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