Tuesday October 28, 2008 - 20:46:09 GMT
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Reuters - www.reuters.com
FOREX NEWS-Yen posts biggest one-day fall vs dollar since 1974
(Updates with latest market move)
NEW YORK, Oct 28 (Reuters) - The yen suffered its biggest
daily fall versus the U.S. dollar since 1974 on Tuesday as a
sharp rebound in global equities sparked a tentative recovery
in risk appetite.
The yen extended its losses after Japan's leading business
newspaper said the Bank of Japan is mulling an interest rate
cut to support its sagging economy.
"The BoJ story, as well as today's stock rally, are
contributing to the yen's woes," said Ashraf Laidi, chief FX
strategist at CMC Markets U.S. "A BoJ rate cut would also be
more effective in stabilizing yen strength than mere
The dollar last traded at 97.75 yen <JPY=>, up 5.3 percent
on the day. The euro jumped 7.3 percent to 124.26 <EURJPY=>.
U.S. stocks ended sharply higher on Tuesday, with the Dow
surging almost 11 percent to close above 9,000 as investors
scooped up beaten-down shares and optimism grew that the U.S.
Federal Reserve and other central banks will cut interest rates
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