The Japanese Yen hit its highest level in 18 months as investors avoided riskier assets bought with loans from Japan. The Japanese Yen rose against all of the major currencies after stock indexes in Europe and Asia reversed gains and U.S. equity futures declined. ''We saw a big sell-off in yen-crosses and there's a pick-up in risk aversion due to the heavy liquidation of carry trades,'' said Lee Hardman, a currency strategist at Bank of Tokyo- Mitsubishi Ltd. in London.
In the foreign exchange, The Japanese Yen rose to 110.96 against the Dollar, the highest since May 20, 2006, before trading at 111.18 at 7:48 a.m. in New York, from 112.60 yesterday. The Euro bought 163.26 yen, from 166.63 last week.
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