Yen falls, high-yielding FX up on world c.bank action

By Jessica Mortimer LONDON (Reuters) - The yen fell broadly on Thursday and high-yielding currencies like the Australian dollar bounced back strongly as confidence tentatively returned to financial markets after the previous day's global coordinated interest rate cuts. The Federal Reserve, European Central Bank, Bank of England and Switzerland, Canada and Sweden all slashed official rates by a half-percentage point on Wednesday in an attempt to calm the turmoil that has gripped financial markets. Central banks and governments around the world also took aggressive action to unfreeze paralyzed money markets and get banks lending again. This initially failed to boost sentiment or lift stock markets on Wednesday but the mood brightened on Thursday. European shares gained over 2 percent in early trade and U.S. stock futures... [read full story]