(Bloomberg) -- The yen rebounded from a record low
against the euro and rose for the first time in four days versus
the dollar after the Bank of International Settlements warned
about the risks of betting against Japan's currency.
Investors also exited the so-called carry trades, in which
they buy higher-yielding assets funded by loans in the yen, after
Chinese central bank Governor Zhou Xiaochuan said he didn't rule
out further interest-rate increases, pushing down stocks in Asia
and Europe. Concern over losses from Bear Stearns Cos. hedge
funds also led people to reduce risks, adding to yen buying.
Read more at Bloomberg Currencies News
against the euro and rose for the first time in four days versus
the dollar after the Bank of International Settlements warned
about the risks of betting against Japan's currency.
Investors also exited the so-called carry trades, in which
they buy higher-yielding assets funded by loans in the yen, after
Chinese central bank Governor Zhou Xiaochuan said he didn't rule
out further interest-rate increases, pushing down stocks in Asia
and Europe. Concern over losses from Bear Stearns Cos. hedge
funds also led people to reduce risks, adding to yen buying.
Read more at Bloomberg Currencies News
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