Strengthening of euro, yen could be irksome for ECB and BOJ

London

THE global financial turmoil has seen developing nations coping with weaker foreign exchange rates. This year's best-performing currencies may prove equally irksome for those central bankers.

The euro and yen are beating all their major counterparts because they're being treated as havens amid the downturn in commodity prices that's sent at least 16 currencies to record lows since the turn of the year. That won't sit well with the European Central Bank or the Bank of Japan, both of which would benefit from weaker currencies to help revive inflation and economic growth.