The yen posted its biggest weekly gain since March against the dollar and advanced versus the euro after Iran asked Japan’s oil refiners to pay for Iranian crude oil in the Japanese currency instead of dollars.The yen rose today versus 15 of the 16 most actively traded currencies on speculation the request by Japan’s third-biggest oil supplier would spur yen buying.“This will create demand for the yen,” said Steven Butler, director of foreign-exchange trading at Scotia Capital Inc. in Toronto. Companies in Japan will “have to sell dollars to raise money to pay for oil.”
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