Tuesday, July 10, 2007

Yen Gains for Second Day as Drop in U.S. Stocks Prompts Carry Trade Unwind

(Bloomberg) -- The yen gained for a second day
against the dollar after a fall in U.S. stocks prompted
speculation investors will unwind so-called carry trades.

The yen was at 121.38 per dollar at 6:59 a.m. in Tokyo from
121.74 late in New York yesterday. Japan's currency traded at
167.09 per euro from 167.38.


Read more at Bloomberg Currencies News

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