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The yen strengthened as global stocks fell and the International Monetary Fund said its 26 billion-euro ($38 billion) loan to Portugal “entails important risks.”
The euro slid from a four-week high versus the dollar after German Finance Minister Wolfgang Schaeuble said bondholders must contribute a “substantial” share of a second aid package for Greece.
The yen rose to the strongest in a month against the dollar as Federal Reserve Chairman Ben S. Bernanke said the “frustratingly slow” U.S. recovery warrants sustained monetary stimulus.
New York Fed President William Dudley said yesterday that the U.S. recovery from the worst financial crisis since the Great Depression is “distinctly subpar” even after “aggressive monetary and fiscal stimulus.”
Kansas City Fed President Thomas Hoenig speaks today. The Fed also releases its regional Beige Book economic survey today.
Japan’s Finance Minister Yoshihiko Noda told reporters yesterday he would closely monitor the yen’s appreciation.
Group of Seven countries jointly intervened in March after Japan’s currency soared to Y76.25, its highest level since World War II, threatening the nation’s recovery from the March 11 earthquake and tsunami. The total size of the G-7 intervention has been estimated at about $25 billion.
The pound fell against the dollar and the euro after Moody’s Investors Service said the U.K. risks losing its top credit ranking should growth remain weak. It said the outlook on the country’s rating is “stable.”
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