(Bloomberg) -- The yen dropped to near a record low
versus the euro and the weakest since 1992 against the pound as
concern eased that losses will mount in securities backed by
subprime mortgage loans.
Investors pushed the yen lower as U.S. stocks advanced on a
better-than-expected earnings report from Merrill Lynch & Co.,
the third-biggest U.S. securities firm, cooling speculation that
U.S. financial companies would be hurt by losses in subprime
debt. Rallying stocks encouraged buying of risky assets funded
by loans in Japan, a strategy known as the carry trade. The yen
also fell versus the dollar.
Read more at Bloomberg Currencies News
versus the euro and the weakest since 1992 against the pound as
concern eased that losses will mount in securities backed by
subprime mortgage loans.
Investors pushed the yen lower as U.S. stocks advanced on a
better-than-expected earnings report from Merrill Lynch & Co.,
the third-biggest U.S. securities firm, cooling speculation that
U.S. financial companies would be hurt by losses in subprime
debt. Rallying stocks encouraged buying of risky assets funded
by loans in Japan, a strategy known as the carry trade. The yen
also fell versus the dollar.
Read more at Bloomberg Currencies News
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