Japan’s success in building an economy that supplies the world with everything from cars to electronics is now undermining its own efforts to keep the yen from rising at a time when few countries want a strong currency.
The euro dropped to a three-month low as the Ifo institute’s gauge of German business confidence fell, adding to signs that may prompt the European Central Bank to boost stimulus as soon as next month.
Henry Ellenbogen had a tough act to follow when he took over the T. Rowe Price New Horizons Fund in March 2010. His predecessor, John Laporte, had beaten three- fourths of peers in his 22-year tenure as manager.
The euro fell to the lowest level in 11 weeks versus the dollar and yen after European Central Bank Vice President Vitor Constancio said policy makers are prepared to add further monetary stimulus if needed.