The yen suffered the biggest decline in more than two years against the dollar on Friday after the G7 group of leading industrial nations moved to rein in the currency.
After reaching a record high of 76.25 yesterday, the currency, which has declined against all its major counterparts, fell 2.7% to 81.05 per dollar at about 11am New York time. The Federal Reserve and Bank of Canada today joined the Bank of Japan and European central banks in an effort to sell the yen. The action had a more positive effect on global stocks, with all major indices advancing. In New York, the Dow Jones added more than 120 points, or 1%, to reach 11,899 while London's leading index advanced almost 50 points to 5,744. Meanwhile, oil prices retreated on Friday after ...
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