Yen Reaches 7-Month Low Versus Dollar on U.S. Growth
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The yen weakened to a seven-month low against the dollar as the highest yield premium on Treasuries when compared with Japanese debt since August damped the appeal of yen-denominated assets.
The yen fell for a fifth day, the most since April, after a report showed sales of previously owned U.S. homes rose to the highest in almost two years, bolstering expectations for growth in North America. It has weakened 3.7 percent since the Bank of Japan on Feb. 14 unexpectedly expanded its asset-purchase program. Norway’s krone rallied against all its major counterparts as investors pared bets the central bank would cut interest rates after unemployment unexpectedly declined.