Intervention No Bar as Euro Off Most Since ‘03 to Yen, Franc

For the first time since at least 2003, investors are fleeing the euro for currencies of countries that don’t depend on international capital markets to finance their budget deficits.

The franc rose 7.2 percent and the yen 4.6 percent in the past 12 months, the biggest gains as measured by Bloomberg Correlation-Weighted Indexes, even as the Swiss and Japanese central banks intervened to weaken their currencies. The euro was little changed versus the dollar in the period as the European Central Bank cut interest rates and lenders in the region brought funds home to meet new capital requirements.