The yen rose against all but one of its 16 major counterparts as concern Europe’s leaders will be slow to implement measures to stem the region’s debt crisis supported demand for Japan’s currency as a haven.
The yen climbed for a second day against the euro before German lawmakers vote on a bailout for Spanish lenders. Chancellor Angela Merkel called on fellow leaders to work harder to make Europe succeed without waiting for German help. The dollar slid to the lowest in 2 1/2 months versus its Australian counterpart before U.S. data today that may show claims for jobless benefits climbed, boosting prospects the Federal Reserve will add to easing measures that debase the greenback.
“Nothing has been resolved on Europe’s debt crisis and it won’t end any time soon,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp. (8711), a currency-margin company. “The yen is being bought in such a negative situation because there are few other choices.”
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Weak regi
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