Yen Benefits from Safe-haven Status

03 July 2009 @ 08:34 am EDT

The Japanese Yen advanced against all 16 major currencies on Thursday after a U.S. government report showed employers cut more jobs last month than economists forecast. This prompted investors to sell higher- yielding assets. The Yen rose for a second day against the EUR as Asian stocks fell on concern that the global recession will be prolonged, spurring demand for the safe-haven JPY.

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