Yen Strengthens for Fourth Day Against Euro Amid China Concern
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The yen strengthened for a fourth day against the euro as Chinese equities declined for a sixth day even as the central bank gave the first official signs of relief for a cash squeeze in the economy.
Japan’s currency rose versus most of its 16 major counterparts as the Shanghai Composite Index slid as much as 1.9 percent. The euro fell to a three-week low against the dollar after European Central Bank President Mario Draghi said yesterday the region still requires an accommodative monetary policy. Australia’s dollar rose as Prime Minister Julia Gillard called a ballot for the leadership of the governing Labor party.