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News Link • Currencies

Yen Falls Beyond 101 per Dollar on Bond Purchases; Franc Slides

•, Lucy Meakin and Kevin Buckla
 Japan’s currency fell against all except two of its 16 major counterparts as the data boosted speculation stimulus measures spearheaded by Bank of Japan Governor Haruhiko Kuroda and Prime Minister Shinzo Abe are driving local investors to seek higher returns overseas. Switzerland’s franc, also seen as a haven, dropped to a three-month low against the euro. The Australian dollar fell toward parity with its U.S. peer after the Reserve Bank this week cut interest rates to a record.

“There are still big potential buyers of dollars, sellers of yen in the market so the market is still set up for another leg,” said Jonathan Webb, head of foreign-exchange strategy at a unit of Jefferies International Ltd. in London. “We think we’re heading to 103 to 105 in the next month or so.”

The yen slumped 0.8 percent to 101.40 per dollar as of 9:55 a.m. London time after depreciating to 101.41, the weakest level since April 6, 2009. Japan’s currency slid 0.4 percent to 131.76 per euro after reaching 132.16, the least since January 2010. The euro dropped 0.4 percent to $1.2998.

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