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The Japanese yen gains against mainly of its sixteen key counterparts ahead of report from Germany that may illustrate a measure of drop in business confidence for consecutive fifth month, raising the allurement of the yen as a haven.
Billionaire investor George Soros believes the euro zone bond market is facing a similar situation to the banking system in 2008 and wants the European Central Bank to step in to stop a self-fulfilling crisis of confidence. “As regulators still treat government bonds as the safe core of the financial system, this vicious circle threatens the stability of financial institutions, not only in the euro zone but also in the rest of the world,” Soros, the chairman of Soros Fund Management, said in a co-written article with Peter Bofinger of Würzburg University in Tuesday’s Financial Times.
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