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Euro Strengthens Versus Yen as Manufacturing, Services Expand

The euro reached the highest level in almost four weeks versus the yen after a report showed European services and manufacturing industries unexpectedly expanded in January.

The yen fell against 12 of 16 major peers tracked by Bloomberg after the Bank of Japan cut its economic growth forecast for next year. The pound rose against most peers after a report showed the budget deficit shrank more than predicted in December. The euro retreated from a three-week high against the dollar amid a stalemate between regional policy makers and Greek bondholders over a proposed debt swap.