Yen jumps as U.S. auto rejection fans fear of risk

The yen rose sharply on Monday after a U.S. government task force rejected the turnaround plans of General Motors Corp (GM.N) and Chrysler LLC, sparking investor risk aversion and sending the euro and dollar down 1 percent.

The Obama administration auto task force warned that bankruptcy for both auto companies remained an option.

The news also prompted investors to reduce risky bets for higher-yielding currencies such as the Australian and New Zealand dollars, which had staged a strong rally last week.

Read Full Article from Reuters

- Posted: 2009-03-30 06:54:27

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