(Bloomberg) -- The yen climbed on speculation the Bank of Japan will raise interest rates and as Asian stocks slumped, prompting traders to reduce investments in higher- yielding assets funded by borrowing the currency.
The Japanese yen rose to a two-week high against the dollar after a report showed demand for services unexpectedly rose in February. The Australia and New Zealand dollars fell as a drop in Chinese stocks caused traders to reduce so-called carry trades, as they did following a similar decline in global equities on Feb. 27.
Read more at Bloomberg Currencies News
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