Yen rises broadly, hitting 2-year high against euro

London

THE yen rose across the board on Tuesday, hitting a two-year high against the euro, after an economic adviser to Japan's Prime Minister Shinzo Abe indicated that the currency might have fallen too far and needed to retrace some of its losses.

Koichi Hamada said on Monday that the yen's level of around 120 per US dollar was very weak and that 105 yen to the US dollar would be more appropriate.