The yen slid against both the dollar and the euro on Thursday after Standard & Poor's cut Japan's long-term debt rating, a move that raised questions about the risks of downgrades for other developed economies. Although Japan's fiscal troubles are well known, analysts said the downgrade called into question the yen's status as a safe-haven currency, boosting the appeal of the dollar and the likes of the Swiss franc.
The dollar was up 0.7 percent at 82.90 yen after rising more than 1 percent to 83.22 on electronic trading platform EBS. Against the yen, the euro rose to 114.02 yen, its strongest since November 22, up around 1 percent on the day. The euro rose to $1.3760 on EBS, its strongest since November 22, keeping intact a strong uptrend from a four-month low below $1.29 hit earlier in the month. It later eased to $1.3729, up 0.1 percent on the day.
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