Yen Drops as S&P Cuts Japan’s Credit Rating; Egypt’s Pound Falls
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The yen slid against all of its major counterparts after Japan’s credit rating was lowered for the first time in nine years by Standard & Poor’s.
Egypt’s pound dropped to a six-year low against the dollar as the opposition leader Mohamed ElBaradei returned to Cairo and urged the government led by President Hosni Mubarak to “stop practicing violence.” The yen touched the lowest in two months against the euro on concern Japan’s Prime Minister Naoto Kan hasn’t done enough to curb the world’s biggest debt load.