Yen Climbs Most in Almost Four Years as Bearish Bets Are Unwound
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The yen rallied the most in almost four years against the dollar as mounting speculation about the Federal Reserve’s stimulus plans sparked volatile trading and spurred investors to unwind bearish bets on Japan’s currency.
The 17-nation euro reached a three-month high against the dollar as European Central Bank President Mario Draghi said the region’s economy should recover this year. The U.S. currency had its biggest weekly loss since September versus the euro even as a report yesterday showed U.S. jobs growth was higher than forecast last month. The Bank of Japan, which bolstered bearish yen bets with 7 trillion yen ($70 billion) per month of bond-buying, will announce its next policy decision on June 11.