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JPY Daily News
Concerns about European Banks Turn the Yen Popular Again
Tuesday, 22 Jun 2010
The Yen appreciated yesterday versus riskier assets such as the EUR and GBP as investors turned to the safe heaven appeal of the currency following the downgrade of French Banking Giant BNP Paribas.
The Yen gained versus 13 of its 16 major counterparts after officials from the European Central Bank stated some banks in the 16-nation region are facing funding problems and as deep spending cuts are expected to be announced from Britain.
Japan's currency advanced to 111.90 per EUR from 112.18 in New York yesterday. The Yen is at 90.89 per USD from 91.11 yesterday.
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