Yen Drops to 4-Month Low Versus Dollar on BOJ Wagers; Rand Gains
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The yen reached the weakest level in four months against the dollar as investors speculated the Bank of Japan will expand monetary stimulus next week.
The dollar pared losses against major peers after weaker-than-forecast data on the economy and amid speculation Fitch Ratings would cut the U.S. credit ranking. South Africa’s rand rallied as the nation got a new budget that for the first time since 1998 didn’t raise three-year spending targets. The pound jumped versus the euro as Britain emerged from its recession more strongly than economists forecast.