Euro Rises to Highest Against Yen in Three Years; Aussie Gains
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The euro climbed to the highest level versus the yen since 2010 as the Bank of Japan’s effort to double the nation’s monetary base within two years fueled demand for higher-yielding assets.
The shared currency gained for a fifth day against the dollar, the longest winning streak this year, and approached a key technical level as Europe’s bailout fund said a bond sale drew strong demand. The yen strengthened from the weakest level versus the dollar in almost four years on bets it fell too much, too fast, after the BOJ announced unprecedented stimulus last week. Stocks rose, and Australia’s dollar advanced.