Written by The yen rose to a seven-week high against the euro as signs the global economy is slowing boosted demand for Japan’s currency as a refuge.
The yen rose against all 16 major counterparts after a conversation between Prime Minister Naoto Kan and Bank of Japan Governor Masaaki Shirakawa failed to yield a plan to curb its rally. The dollar also gained. The euro reached the lowest in almost six weeks versus the dollar after data showed services and manufacturing growth in the 16-nation area slowed in August. READ MORE »