Economics
Aussie at 4-Year High Versus Yen; Kiwi Lower on Drought
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The Australian and New Zealand dollars reached the highest levels in more than four years versus the yen amid speculation the Bank of Japan will expand monetary easing, boosting the allure of higher-yielding assets.
The so-called Aussie rose against most of its major peers as investors pared bets on interest-rate cuts by the Reserve Bank of Australia. The nation’s bonds dropped, sending the 10-year yield to the highest since May. The New Zealand dollar declined against the greenback amid concern a drought in the nation will hurt its economy. Haruhiko Kuroda, the nominee to become the Bank of Japan’s next governor, yesterday signaled readiness for a quick expansion in monetary stimulus.