Euro falls to 11-year low against yen

The euro fell to an 11-year low against the yen on Monday in the Oceanian foreign exchange market, falling to 97.28 yen as concerns about the eurozone debt crisis grow, the Kyodo news agency reported. Japan’s financial markets are closed on Monday for a public holiday and will resume their work on Tuesday. Local analysts forecast a further decline in the European currency, which will show a rapid decrease in the dollar versus the euro. Large Japanese companies that have production capacities in countries of the 17-member euro area suffer huge losses and many players on the Tokyo Stock Exchange hasten to take their assets from the euro-oriented corporations.