NS: Yen pushes euro to yearly low, pound to 11-month low
FXstreet.com (Barcelona) - The yen's safe-haven effect is ticking in as risk aversion flourishes on the back of Fed chief Ben Bernanke's cautious stance regarding the US recovery combined with heightened worries over the Greek debt crisis.
The EUR/JPY has fallen almost 200 pips from its opening price to hit a yearly low at 120.24.
FXMarketAlerts Team sees Japanese banks selling as the euro is "weighed by concerns over Greece bailout".
Pound suffers as well
The GBP/JPY has hit an eleven-month low at 136.85 as the pound has also been hit over Bank of England governor Mervyn King's recent comments that more quantitative easing measures may be in the cards with the strength of the UK's recovery in doubt.
