EU Summit Eases Need for Safety, Yen Drops

The Japanese yen fell today as the summit of the European leaders spurred hopes that the EU will be able to contain the debt crisis, reducing demand for Japan’s currency as a safe haven.
The leaders of the European Union have met yesterday at summit in Brussels. They decided to give €159 billion of additional aid for Greece. The lawmakers also allowed to use the rescue fund to buy debt of the peripheral economies and eased the terms of loans to the indebted nations. The Stoxx Europe 600 Index rose 0.8 percent.
USD/JPY climbed from 78.29 to 78.52 as of 8:02 GMT today and touched the intraday high of 78.72. EUR/JPY advanced from 112.94 to 113.12.

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