Euro Rises 6th Day Versus Yen as ECB Ready to Start Buying Bonds
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The euro rose for a sixth day against the yen, the longest run since March, as European Central Bank President Mario Draghi said the currency was irreversible and that the bank’s decision to purchase bonds helped ease tensions.
The 17-nation currency gained the most in almost three weeks versus the dollar after Draghi said the ECB was ready to start buying government debt from nations such as Spain as soon as the necessary conditions are met. The dollar remained lower after minutes of the Federal Reserve’s last meeting showed policy makers saw manageable risks in a third round of U.S. bond buying. A measure of volatility fell to the lowest level in almost five years. U.S. stocks rose for a fourth day.