Economics
Lira Plunges as Japanese Investor Exodus Adds to Turkey's Woes
- Lira slid as much as 3.2% vs dollar early Wednesday in Asia
- Japanese margin investors cut losses on lira slump: Gaitame
Lira Tumbles Again
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Add skittish Japanese investors to the list of woes for Turkish assets, as what was once a favored emerging market becomes more like a no-go zone.
With Turkey’s lira breaking below the 24-yen level on Tuesday for the first time, Japanese margin traders cut their losses, said Takuya Kanda, general manager at Gaitame.Com Research Institute Ltd. in Tokyo. The move accelerated Wednesday, sending the lira tumbling in excess of 3 percent against the dollar and pulling down other emerging currencies, including South Africa’s rand and the Indonesian rupiah.