Yen Gains After Iran Asks Japanese Refiners to Use Yen to Purchase Crude

(Bloomberg) -- The yen rose after Iran asked
Japanese oil refiners to pay for Iranian crude oil in the
currency instead of dollars.

National Iranian Oil Co. asked the refiners to switch to
yen payments to counter the risk that dollar transfers may be
frozen by increased sanctions, according to a letter from the
oil producer obtained by Bloomberg News. Iran is Japan's third
biggest supplier of oil.


Read more at Bloomberg Currencies News