12 Sep '11, 2am

Euro slumps, hits 10 year-low versus yen on Greece woes

TOKYO: The euro slumped in Asian trade on Monday on deepening concerns over a possible default by Greece, with the single currency briefly hitting a 10-year low versus the yen. The euro hit 104.90 yen in early trade, its lowest level since July 2001, compared with 107.66 yen on Friday. By 0140 GMT it had strengthened to 105.35. The euro was also lower against the dollar, at US$1.3594 from US$1.3649 Friday. The dollar was rangebound at 77.48 yen against 77.58 yen. "We are watching Greece, and only Greece," Satoshi Tate, a senior dealer at Mizuho Corporate Bank, told Dow Jones Newswires. "Conditions are getting very serious and everyone is worried how the issue will unfold." The euro's slide sent Asian stocks tumbling, with Tokyo's Nikkei slumping nearly 2 per cent and Hong Kong shares off more than 3 per cent in early trade, and prompted speculation of a possible euro-buyin...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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