Euro extends gains against yen, up 1pc on day

LONDON: The euro extended gains against the yen on Friday as investors cut short positions against the common currency after peripheral bond yields turned lower on expectations of future European Central Bank intervention.

The euro was up 1 percent on the day at 96.238 yen , pulling away from the day's low of 95.04 yen and well above an 11-1/2 year low of 94.12 yen.

The euro was also 0.9 percent higher against the dollar at $1.22923 as investors' short positions were squeezed and after stops were triggered in the move above $1.2250.