(Bloomberg) -- New Zealand's dollar dropped the most of any currency today, followed by its Australian counterpart, as Standard & Poor's raised the debt rating for Japan.
The New Zealand and Australian dollars also fell the most in three weeks against the yen on speculation funds will sell assets in those countries to buy Japanese investments, after S&P lifted the rating one level to AA from AA-. The two currencies were the biggest beneficiaries of so-called carry trades, where investors bought higher-returning assets with money borrowed in Japan.
Read more at Bloomberg Currencies News
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