Yen Rises Before Bernanke Speaks as Spain Delays Aid to Banks
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The yen strengthened as speculation Federal Reserve Chairman Ben S. Bernanke will refrain from signaling additional stimulus when he speaks today spurred demand for the safest assets.
Japan’s currency climbed for a third day versus the euro after Spanish Prime Minister Mariano Rajoy said his nation won’t seek sovereign aid until European leaders make the conditions clear. The euro weakened as Moody’s Investors Service said its review of Spain’s government debt rating will extend through September and reiterated the risk of a possible downgrade.