Yen at 7-year low after Moody's cut
London
THE yen fell to a seven-year low against the US dollar in volatile trade on Monday after global rating agency Moody's cut Japan's sovereign rating.
The US dollar rose as high as 119.15 yen on the EBS trading platform, its highest since July 2007, immediately after the rating decision was announced. It ran into profit taking and was last trading at 118.35 yen, down 0.2 per cent on the day. Japanese stock futures - which tend to rise when the yen drops against the US dollar and vice versa - eased after the downgrade, buoying the yen, dealers said.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Vietnam delays launch of new stock trading system
Tesla’s plan for affordable cars takes page from Detroit rivals
Meituan to debut in Riyadh as expansion beyond China quickens
Mapletree Industrial Trust to distribute S$13 million of divestment gains over next 4 quarters
K-pop agency Hybe’s internal strife wipes out 1.2 trillion won
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027