Yen Declines to 11-Month Low as Japanese Buy Assets Overseas

June 24 (Bloomberg) -- The yen fell to an 11-month low against the euro on speculation Japanese investors will use summer bonuses to buy overseas assets offering higher yields than at home.

The currency also declined toward a four-month low against the dollar as Japanese finance companies seek to raise more than 1 trillion yen ($9.2 billion) for funds investing abroad by June 30, according to data compiled by Bloomberg. The dollar was little changed against the euro as an industry survey may show U.S. consumer confidence slumped, reinforcing expectations the Federal Reserve will leave interest rates on hold tomorrow.

Source: Bloomberg


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