Yen Weakens on BOJ Fund Injections, Third Blast at Nuclear Plant
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The yen fell against the dollar, ending a two-day gain, as the Bank of Japan pumped more money into financial markets after the nation’s biggest earthquake, damping demand for its assets.
Japan’s currency declined against 14 its 16 most-traded counterparts after Tokyo Electric Power Co. confirmed a third explosion occurred at a nuclear plant damaged in the temblor. The dollar rose versus most of its peers before reports this week forecast to show an expansion in industrial production. The euro gained for a second day against the yen amid speculation demand for the region’s debt will increase after European Union leaders agreed on a retooled bailout plan.