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Tuesday, July 22, 2014
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Euro inches up on IMF debt fund boost

Euro inches up on IMF debt fund boost

TOKYO: The euro rose in Asia Friday after the head of the International Monetary Fund said the global lender was likely to achieve its target of raising $400 billion as a firewall against future debt crises.

The single currency was changing hands at $1.3145 and 107.23 yen in Tokyo, compared with $1.3134 and 107.19 yen late Thursday in New York.

The dollar bought 81.56 yen, against 81.60 yen.

Christine Lagarde's optimistic forecast came as finance chiefs met in Washington where they discussed plans to support troubled economies.

She called on members of the IMF to chip in to protect countries from any financial contagion from Europe.

Her comments were followed by Japan's Finance Minister Jun Azumi, who also said the Washington-based IMF was nearing its target for the rescue fund.

But worries about Italy and Spain's finances continued to drag on the single currency, said Takao Yahata, chief manager of currency trading at Mitsubishi UFJ Trust and Banking.

A successful Spanish bond auction on Thursday appeared to do little to allay investors' fears about Madrid's finances and the continent's fiscal woes. (AFP)

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