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Yen Gains Most Since August as Earthquake Spurs Haven Demand

The yen gained the most since August against the dollar after the worst earthquake in at least a century struck Japan, spurring domestic investors to buy the currency as a haven.

The Japanese currency strengthened against all of its major counterparts after the 8.9-magnitude temblor and as a tsunami of 10 meters (33 feet) engulfed towns along the northern coast, increasing speculation insurance companies and investors will buy back yen to pay for damages. The euro pared a weekly drop versus the dollar as leaders of the 17 euro nations backed a plan to tighten economic cooperation. The Brazilian real fell as a government official said the nation is considering more measures to stem gains in its currency.