Yen Nears Record Low Vs Euro on Carry, Interest Rate Outlook
- UK pound climbed to highest level against the yen since 2008
- Yen has slumped to weakest in three decades versus dollar
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The yen is sliding faster against the euro than the dollar as speculation grows that the European Central Bank will take it slow in cutting interest rates because inflation remains elevated.
The Japanese currency has weakened 1.3% against the euro this month and is approaching its previous record low of 171.56 reached on April 29. While the Bank of Japan ended the world’s last negative interest rate policy in March, its rate gap with overseas counterparts including the European Central Bank remains wide.