Yen Extends Decline as Treasury Said to Invest in U.S. Banks
By Stanley White and Ye Xie
Oct. 14 (Bloomberg) -- The yen fell for a second day on speculation the U.S. Treasury will stabilize the financial system by investing $125 billion in U.S. banks, spurring investors to buy high-yielding assets funded in Japan's currency.
The yen also weakened against the Australian and New Zealand dollars, two favorites of so-called carry trades, after U.S. stocks yesterday gained the most in seven decades. European countries committed $1.8 trillion to guarantee bank loans and the Federal Reserve led efforts to flood money markets with dollars yesterday to prevent a financial system collapse.
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meanwhile, will stay out the market until the dust settles down....
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