Yen at Almost 16-Year High Versus Dollar Amid Nuclear Crisis
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The yen approached a 16-year high versus the dollar as Japan’s nuclear crisis intensified, increasing speculation Japanese companies and investors will repatriate funds to help pay for earthquake and tsunami damages.
The yen strengthened for a fourth straight day after Tokyo Electric Power Co. said a reactor containment vessel may have been breached at the crippled Fukushima Dai-Ichi power plant, increasing the risk of radioactive leaks. The euro fell for the first time in four days after Moody’s Investors Service downgraded Portugal’s credit rating, reviving concern about the region’s ability to solve its debt crisis.