Yen Advances on Concern Over Europe Stress Tests, U.S. Slowdown
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The yen rose, snapping a two-day decline against the dollar and the euro, as concern over the pace of the U.S. recovery and the financial health of European banks boosted demand for Japan’s currency as a refuge.
The yen climbed against all of its 16 major counterparties. Federal Reserve Chairman Ben S. Bernanke speaks today on the economy. Reports tomorrow may show initial jobless claims increased and existing home sales fell, according to surveys of economists by Bloomberg. The euro weakened against 15 of its 16 most actively traded counterparts.