The dollar and euro made their largest percentage gains against the yen since late 2008 after the Bank of Japan surprised the markets with an ambitious plan to fight deflation in a radical overhaul of policy.
The dollar and euro made their largest percentage gains against the yen since late 2008 after the Bank of Japan surprised the markets with an ambitious plan to fight deflation in a radical overhaul of policy.
Cyprus's troubles offer Mario Draghi an "excellent justification" to cut interest rates at Thursday's European Central Bank meeting, according to a research note by Dutch bank ING.
Monetary policies must not be directed at devaluing currencies, the Group of Seven nations said in a statement aimed at cooling growing international tensions over exchange rates and prompting yen to surge.
Banks will pay back 4.993 billion euros next week of the 3-year loans they took from the European Central Bank a year ago, bringing the total payback of the first 489 billion in loans to 146 billion.
Economic activity in the euro area will remain weak in early 2013 before gradually recovering later in the year, European Central Bank (ECB) President Mario Draghi said on Thursday.
With two short sentences, the head of the European Central Bank took the heat out of the euro zone crisis this year. In 2013 Mario Draghi has to live up to even bigger expectations.