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The yen fell to a three-month low against the euro as foreign-exchange volatility declined to its lowest level since August 2008 and signs of global growth prompted demand for higher-yielding currencies. . The yen extended its drop against the dollar to 4.3 percent since the Bank of Japan unexpectedly expanded its asset-purchase program on Feb. 14. The BOJ said this month it would expand its asset-purchase program to 30 trillion yen ($372 billion) from 20 trillion, with 19 trillion yen set aside for government bonds. The central bank also said it will target 1 percent inflation “for the time being.”
The euro strengthened a third day as officials prepared to address the debt crisis when Group of 20 nations meet tomorrow. The euro headed for a seventh-straight advance against the yen, the longest run since January 2010, after demand was boosted by the prospect that G-20 officials meeting this weekend may discuss committing further resources to Europe’s debt crisis.
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