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Euro Declines Versus Yen as Moody’s Cuts Portugal’s Rating

The euro fell against the yen for a third day after Moody’s Investors Service reduced Portugal’s credit rating, stoking concern that the region’s sovereign-debt crisis will slow the economic recovery.

“The downgrade reminds investors that there’s still problems in Europe,” said Adam Cole, head of global currency strategy at Royal Bank of Canada in London. “While this isn’t a huge surprise for the market, it will help the euro lower.”