Yen mixed as investors expect coordinated action

By Rika Otsuka TOKYO (Reuters) - The yen edged up against the dollar and the euro but slipped against higher-yielding currencies on Tuesday, as investors anticipated a coordinated global response to the credit crisis. The yen dipped against the Australian and New Zealand dollars as short-term speculators booked profits on views the previous day's surge in the Japanese currency was exaggerated. Worries that the financial crisis is spreading from the United States to the rest of the world and damaging the global economy sparked a sharp global stock sell-off on Monday, prompting investors to dump risky positions. That largely benefited the safe-haven yen. On Monday, the yen posted its biggest one-day rise against the dollar since the 1998 massive unwinding of carry trades, while surging against higher-yielding currencies such as... [read full story]