Yen Rises as Recession Fears Reduce Investor Demand for Carry

Nov. 18 (Bloomberg) -- The yen rose for a third day against the euro as growing evidence of a recession in the world's largest economies prompted investors to sell higher-yielding assets and pay back low-cost loans in Japan's currency.
The yen also gained against the South African rand and the British pound on expectations Asian stocks will follow Wall Street lower. The Australian and New Zealand dollars declined on speculation a slowdown worldwide will crimp demand for the commodities the two countries export.