Yen Drops as Risk Appetite Rises on U.S. Debt-Limit Talks
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The yen fell against all of its 16 most-traded counterparts as risk appetite increased amid speculation that U.S. lawmakers will reach an agreement to avert a default, curbing demand for Japan’s currency as a refuge.
The dollar rose a fourth day versus the yen as the White House weighed an offer from House Republicans for a short debt-limit extension and President Barack Obama met with Senate Republicans to discuss the limit and the partial government shutdown. The euro pared gains as a European Central Bank Governing Council member said its strength may hurt Europe’s exports. Sterling fell to a six-week low versus the euro.