Economics
Lira Tumbles to Record as Lack of Central Bank Action Fuels Rout
- Japanese investors sell to cut losses after break of 24 yen
- Turkey stock exchange converts foreign-currency assets to lira
Lira Tumbles Again
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Turkey’s lira slumped to a new record as hopes faded that the central bank may step in to rescue the battered currency.
The drop accelerated during thin liquidity in Asian hours as Japanese traders cut their losses, with the currency falling more than 5 percent, the most since October. The country’s stock exchange converted its foreign-exchange assets in an effort to support the lira.