Yen Rises to 15-Year High as Home-Sales Plunge Adds to Concern
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The yen advanced to the strongest in 15 years against the dollar after data showing a drop in U.S. sales of existing homes boosted concern the economy is slowing.
Japan’s currency climbed to its highest level against the euro since 2001 even after Prime Minister Naoto Kan told reporters “steep currency gains are undesirable.” The dollar weakened versus the euro for much of the day amid speculation the housing data may spur the Federal Reserve to pump more money into the economy. The Swiss franc touched a record high against the euro, while the New Zealand dollar tumbled versus the yen.