The yen fell to a fresh four-year low against the euro early in Asia on Friday, left exposed after promising data in both Germany and the United States underpinned the single currency and the U.S. dollar.
Investors also dumped the Australian dollar after the country’s central bank chief said he was “open-minded” about intervening to weaken the currency. The euro climbed as far as 136.45 yen, reaching highs not seen since October 2009, while the U.S. dollar scaled a four-month peak of 101.19 yen.
There was little reason for investors not to continue using the yen as a funding currency for carry trades after the Bank of Japan stayed committed to its ultra-loose monetary policy on Thursday.
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