Yen Slumps for 2nd Day on Less Nuclear Risk in Japan; Euro Falls

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Catarina Saraiva and Emma Charlton
March 21, 2011

March 21 (Bloomberg) — The yen weakened for a second day against all of its major counterparts as Japan made progress in cooling nuclear reactors at a crippled plant, increasing appetite for higher-yielding assets.

The yen extended losses after sliding the most against the dollar in six months on March 18, when the Group of Seven nations intervened to bring the currency down from a postwar high and assist Japan’s recovery from its biggest-ever earthquake. The euro fell against the dollar after U.S. Treasury Department announced plans to wind down its $142 billion portfolio of mortgage-backed securities.

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“You had some progress on the reactors in Japan so it’s a little bit more of a risk-on scenario,” said Fabian Eliasson, head of U.S. currency sales at Mizuho Financial Group Inc. in New York. Libya “is far from over and done with but at least it’s a shift towards progress.”

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