Euro Gains Most in More Than Year on Accord; Yen Rises to Record

The euro rallied the most in more than a year against the dollar after European leaders agreed to expand a rescue fund for indebted nations and reached an accord with lenders on writedowns for Greek debt.

The yen rose to a record versus the dollar for the fourth time in five days on speculation Bank of Japan measures will fail to contain the currency’s rally. The Australian dollar and the South African rand were the best performers against the U.S. currency after the world’s largest economy expanded at the fastest pace in a year, sapping demand for a refuge.