Euro drops to three-week low versus yen

LONDON Thu Feb 21, 2013 5:50am EST

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LONDON Feb 21 (Reuters) - The euro fell sharply against the yen on Thursday hurt by sluggish euro zone economic data and as investors bought more liquid currencies and sold riskier assets like stocks on doubts whether the Federal Reserve will ease monetary policy further.

The euro fell 1.35 percent to a three-week low of 122.52 yen on trading platform EBS and its lowest level since Jan. 30.

Signs that Fed policymakers were becoming increasingly reluctant to continue aggressive monetary easing, revealed in the minutes of the last policy meeting, had sparked a worldwide selloff in riskier assets.

As a result, the yen, which is bought during economic uncertainty, rose against most currencies, including the dollar .


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