(Bloomberg) -- The Australian dollar rose to its
highest in 15 years against the yen as a surge in U.S. stocks
encouraged traders to buy higher-yielding assets with money
borrowed in Japan.
The local dollar the past year is the third-best performer
versus the yen of the 16 most-actively traded currencies as
investors extended so-called carry trades. Australia's 6.25
percent interest rate compares with Japan's 0.5 percent cost of
borrowing, the lowest among major economies. The Dow Jones
Industrial Average climbed 1.4 percent in the U.S., its biggest
gain in almost 11 months.
Read more at Bloomberg Currencies News
highest in 15 years against the yen as a surge in U.S. stocks
encouraged traders to buy higher-yielding assets with money
borrowed in Japan.
The local dollar the past year is the third-best performer
versus the yen of the 16 most-actively traded currencies as
investors extended so-called carry trades. Australia's 6.25
percent interest rate compares with Japan's 0.5 percent cost of
borrowing, the lowest among major economies. The Dow Jones
Industrial Average climbed 1.4 percent in the U.S., its biggest
gain in almost 11 months.
Read more at Bloomberg Currencies News
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