SYDNEY Feb 25 The yen slumped early Monday
after the Nikkei reported the Japanese government had chosen
Haruhiko Kuroda to be the new head of the Bank of Japan,
fuelling expectations of aggressive monetary easing.
The report also said that Gakushuin University economics
professor Kikuo Iwata had been chosen as one of the deputy
governors. Both men are considered by the market as doves who
would be more likely to take bold steps to reflate the economy.
The dollar rose as far as 94.77 yen, the highest
since May 2010, from 93.39 late in New York on Friday. The euro
rose to 125.10 yen, from 123.12 on Friday.
Sterling also slid in the wake of Moody's downgrade of the
UK's credit rating, hitting $1.5079, from $1.5160 late on