(Bloomberg) -- The New Zealand dollar rose to a 22-
year high on speculation the central bank will fail to halt the
currency's gains as Japanese investors bought the nation's
assets for their higher yields.
The currency has climbed 35 percent against the yen the
past year and 27 percent versus the U.S. dollar, as investors
borrowed cheaply in yen to buy New Zealand bonds and bills. The
Reserve Bank of New Zealand has called the gains ``unjustified''
and may have sold the currency for a third time June 22,
according to Westpac Banking Corp. and Bank of New Zealand Ltd.
Read more at Bloomberg Currencies News
year high on speculation the central bank will fail to halt the
currency's gains as Japanese investors bought the nation's
assets for their higher yields.
The currency has climbed 35 percent against the yen the
past year and 27 percent versus the U.S. dollar, as investors
borrowed cheaply in yen to buy New Zealand bonds and bills. The
Reserve Bank of New Zealand has called the gains ``unjustified''
and may have sold the currency for a third time June 22,
according to Westpac Banking Corp. and Bank of New Zealand Ltd.
Read more at Bloomberg Currencies News
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