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Yen Rises To Four-month High Against Euro On Subprime Losses

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The yen rose to a four-month high against the euro on concern U.S. subprime mortgage losses are spreading to global credit markets, pushing investors to cut higher-yielding assets funded by loans in Japan. The yen has gained against all 16 most-active currencies this month as investors exited so-called carry trades. U.S. stocks tumbled and Treasuries gained yesterday as banks balked at providing emergency financing to 17 Canadian asset-backed commercial paper issuers, and Sentinel Management Group Inc. asked regulators for permission to stop investor redemptions.

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