(Bloomberg) -- The yen rose as losses on Bear
Stearns Cos. hedge funds prompted investors to reduce purchases
of financial assets funded by borrowing in Japan.
The Japanese yen advanced against 15 of the 16 most-actively
traded currencies as investors scaled back so-called carry
trades. The dollar touched a record low against the euro earlier
after Bear Stearns told investors in two of its hedge funds they
will get little if any money back after losses related to U.S.
subprime mortgages.
Read more at Bloomberg Currencies News
Stearns Cos. hedge funds prompted investors to reduce purchases
of financial assets funded by borrowing in Japan.
The Japanese yen advanced against 15 of the 16 most-actively
traded currencies as investors scaled back so-called carry
trades. The dollar touched a record low against the euro earlier
after Bear Stearns told investors in two of its hedge funds they
will get little if any money back after losses related to U.S.
subprime mortgages.
Read more at Bloomberg Currencies News
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