RTRS: Yen falls broadly after Fitch statement on Japan
LONDON, April 22 (Reuters) - The yen hit the day's low against the dollar, euro and other currencies on Thursday after a ratings agency said that Japan's soverign creditworthiness was at risk from rising government debt.
Fitch Ratings said the Japanese government was one of the most indebted in the world. [ID:nWLB3179]
In a statement, it added that in the absence of sustained economic recovery and fiscal consolidation, government debt would continue to rise, placing downwards pressure on sovereign credit and ratings over the medium term.
The yen fell across the board, pushing the dollar JPY= to the day's high of 93.34 yen, according to Reuters data. Before the statement, it had traded around 93.00 yen.
The euro EURJPY=R climbed to the day's high of 125.17 yen from around 124.70 yen. "The yen sold off a touch on the Fitch headline ... Lingering fiscal concerns have been around for some time in Japan," said Paul Mackel, director of currency strategy at HSBC in London.
