Yen gains against euro again as Greek debt

The yen rose on reports some euro-area nations are pushing Greek bondholders to accept larger write-downs and as Germany said the nation's second bailout package may be revised, boosting demand for a refuge. The euro headed for a fifth consecutive monthly decline against the yen after the Financial Times reported on Tuesday that some euro-area countries want private creditors to take bigger losses on their Greek bond holdings. The shared currency advanced against the dollar for a fourth day after European Commission President Jose Barroso called for faster creation of a permanent euro rescue fund. China's yuan strengthened on bets policymakers will allow currency gains to curb inflation. ‘Nervous' "Investors are nervous so any new statements from politicians and policymakers will move the market," said You-Na Park, a foreign-exchange strategist at Commerzbank AG in Frankfurt.