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Euro Falls as S&P Cuts Ratings

Greek debt talks weigh on currency, which hits 11-year low against yen.

By Emma Charlton, Bloomberg | Updated on January 16, 2012

The euro weakened for a second day, falling to an 11-year low against the yen, as France prepared to sell bills after Standard & Poor’s stripped the nation of its top credit rating and cut eight other euro-region nations.

Japan’s currency gained against all 16 of its major peers tracked by Bloomberg as concern that Europe’s fiscal turmoil will intensify boosted demand for haven assets. Greek officials will reconvene with creditors on Jan. 18 after discussions stalled last week over the size of investor losses in a proposed debt swap. Asian currencies weakened before a report tomorrow that may show China’s economy expanded at the slowest pace since the second quarter of 2009.

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