Yen extends losses vs euro on Lehman statement talk
LONDON, Sept 12 (Reuters) - The yen extended losses against the euro on Friday as speculation of an announcement around 1000 GMT on embattled U.S. investment bank Lehman Brothers LEH.N spurred renewed risk appetite in currency markets.
Lehman shares in Frankfurt rose as much as 23 percent (LHMH.F) on speculation that a package to save the bank will soon be unveiled.
Lehman Brothers in London declined to comment.
At 0907 GMT Lehman shares were up 13.2 percent in Frankfurt, having plunged 42 percent in New York on Thursday.
The euro extended gains against the yen to trade around 1 percent higher on the day at 151.87 yen EURJPY=.
The euro extended gains against the dollar too, bouncing back above $1.41 EUR=, while the dollar slipped further as traders put so-called riskier trades back on.
"Euro/yen ... (is) higher on hope of a Lehman resolution," said one London-based currency analyst.
"Everyone is covering carry shorts awaiting the (rumoured) Lehman press conference at 11:00 am (London time)," added a London-based trader.
