NZ dollar nears 20 year high against the yen

New Zealand's dollar, known as the "kiwi", appreciated to its highest value in almost 20 years against the yen as investors bet on the failure of the central bank to stem its gains.

The Reserve Bank of New Zealand has already raised the official cash rate three times this year to a record 8%, 7.5 percentage points higher than the Bank of Japan's benchmark.

Its key rates are the second highest among Aaa-rated countries, with only Iceland having higher rates in that group.

The high spread betwee

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