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JPY Falls on Dubai Default Concerns
Wednesday, 16 Dec 2009
The Japanese yen fell against 12 of its 16 major counterparts as easing concern of a default in Dubai curbed demand for the Japanese currency. Abu Dhabi yesterday pledged $10 billion of aid to Dubai, allowing Dubai World's real-estate unit to avoid default on $4.1 billion of bond payments.
With a vast majority of economic news today focusing on Europe and the United States, the Japanese Yen may take a backseat to today's other major currencies. If the USD can hold its recent strength, and if the EUR continues to fall amid international concerns such as Greece and Dubai's recent woes, then the JPY may also continue its recent trends.
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