Yen Rises While We Don’t Pass Stimulus

Bloomberg today reports that the yen rose against the dollar after “the U.S. government delayed the announcement of a financial- recovery plan.” Traders took refuge.

“Japan’s currency gained as U.S. stock-index futures dropped, spurring investors to trim holdings of higher-yielding assets funded in the yen. The Norwegian krone climbed against most of the 16 most-active currencies after Norway said it would inject $14.8 billion in capital to revive bank lending,” according to Bloomberg.