Yen Gains as Fear Grow for European Banks

The yen had its biggest single-day gain in over two weeks Monday, as investors fretted over the possibility that European banks could face a credit crunch and will struggle to raise funds. Japan’s currency advanced 0.9 percent to 111.22 per euro at 7:05 a.m. in New York, the biggest daily gain since June 7 based on closing prices. The yen was at 90.68 per dollar from 91.11 yesterday.

Source: Bloomberg News

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