April 12, 2007	Thursday	Rabi-ul-Awwal 23, 1428

LONDON, April 11: The euro struck a record high against the yen on Wednesday, buoyed by bright eurozone growth prospects and doubts about whether world finance chiefs will try to shore up Japan’s currency later this week, dealers said.

The euro reached 160.41 yen in late European trade, a record for the European single currency against its Japanese counterpart. The euro had hit an all-time high on Tuesday after the Bank of Japan held its key interest rate at 0.50 per cent.

Against the US currency, the euro eased to $1.3435 on Wednesday, from $1.3438 in New York late on Tuesday.

The dollar stood at 119.40 yen, up from 119.02 on Tuesday.

Investors bet against the Japanese currency amid continued popularity of so-called carry trades, where borrowing in low-yielding currencies such as the yen is used to fund purchases in higher-yielding assets elsewhere.—AFP