Yen Rises on Speculation Exporters Buying Currency; Euro Drops Sept. 30 (Bloomberg) -- The yen rose for the first time in three days against the euro on speculation Japanese exporters are bringing home overseas earnings before the end of the fiscal first half. The yen climbed to the strongest versus the dollar since the Bank of Japan intervened as Asian stocks declined, spurring demand for the Japanese currency as a refuge. The euro weakened against the 14 of 16 major counterparts after after Ireland’s central bank said Anglo Irish Bank Corp. and Allied Irish Banks Plc may need as much as 14.4 billion euros ($19.6 billion) in extra capital, reviving concern the region’s debt crisis will curtail growth. “As stocks fall, the yen is being bought as a refuge,” said Kuniyuki Hirai, manager of foreign-exchange trading at Bank Tokyo-Mitsubishi UFJ Ltd., a unit of Japan’s largest lender. “Exporters are also buying the yen at the end of the quarter, and as a result, cross currencies are falling versus yen.” The yen advanced to 113.24 per euro as of 6:47 a.m. in London from 114.06 in New York yesterday, after earlier dropping to as low as 114.23, its weakest since July 29. It rose to 83.40 per dollar from 83.70, after reaching 83.35, the strongest since Sept. 15. The euro fell to $1.3583 from $1.3627. --Editor: Rocky Swift To contact the reporters on this story: Yoshiaki Nohara in Tokyo at ynohara1@bloomberg.net; Ron Harui in Singapore at rharui@bloomberg.net. To contact the editor responsible for this story: Rocky Swift at rswift5@bloomberg.net.

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