(Bloomberg) -- The Australian and New Zealand dollars dropped the most in three weeks against the yen as Asian stocks declined, causing traders to reduce investment in higher- yielding assets funded by borrowing Japan's currency.
Traders pared so-called carry trades after a Japanese government report showed demand for services rose to a record, raising concern the Bank of Japan will raise interest rates. The Southern Hemisphere currencies also fell as the Morgan Stanley Capital International Asia Pacific Index of equities slid 1.4 percent on concern China will also raise borrowing costs.
Read more at Bloomberg Currencies News
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