Currency markets reversed some of the gains of the yen after the G-7 announced that they would intervene to reduce the value of the yen. The Japanese currency lost nearly two yen against the dollar on currency markets.
Stock market news is downbeat as traders, investors worldwide worry about rising oil prices, slowing growth.
Stock prices climb Monday in Asia and Europe. Stock prices expected to rise in the US.
Standard & Poor’s cut its rating on Japanese sovereign debt one notch last week, strengthening the naysayers. But with falling unemployment, large reserves, and rising corporate profits, 'Japan is punching well above its weight,' says one analyst.
Stock market news centers on the euro, which drifted back from a two-month high versus the dollar.
Stock prices were up in European capitals as hopes grew that the eurozone's debt crisis would ease.
Economists have estimated the bill from the prolonged floods – the worst to hit Queensland for half a century – at $5.94 billion. But they say the real cost will be known only when the waters recede.