Banking/Credit

Yen Hits New 20-Year Low After Bank of Japan Reinforces Low-Rate Policy

Yen Hits New 20-Year Low After Bank of Japan Reinforces Low-Rate Policy

TOKYO—The yen weakened to more than 130 to the dollar on Thursday for the first time since April 2002, after the Bank of Japan reinforced its commitment to low interest rates despite rising inflation. “While central banks in the US and Europe are moving toward monetary tightening or rate increases, the Japanese economy is still …

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Carvana, Once a Market Darling, Forced to Turn to Apollo for Cash

Carvana, Once a Market Darling, Forced to Turn to Apollo for Cash

Carvana Co. CVNA -2.08% ‘s financial troubles spilled over into debt markets this week when the online used-car dealer struggled to sell bonds and was forced to turn to Apollo Global Management Inc. APO 2.73% for $1.6 billion to salvage the deal. The giant investment firm agreed to purchase about half of $3.275 billion of …

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