RTRS: Yen falls broadly, undermined by rising stocks
The yen fell broadly on Monday, with the dollar hitting a 3-month high, as European stocks rose 1.3 percent on the back of a report that the U.S. government could end up owning a large stake in Citigroup.
The dollar rose to a three-month high of 94.93 yen , while the euro hit a high of 121.91 , its highest in around one month.
Sterling also hit a seven-week high against the Japanese currency of 139.02 yen .
Analysts said gains in stocks had put the yen under pressure, while the currency has also fallen as concerns about the Japanese economy and political stability erode its safe-haven status.
"We've had a move which has been developing for a period of time. We've seen a degree of equity marekt stability - the (bank) nationalisation story is also still there," said Derek Halpenny at BTM UFJ.
"Generally speaking, what we've been saying for the last few of weeks is that the big carry position has probably been fully liquidated," he said.
