GLOBAL MARKETS - Dollar Falls vs Yen, Global Stock Index Up with Focus on Rate Cuts

GLOBAL MARKET - NEW YORK/LONDON, July 12 (Reuters) - The dollar fell sharply against the yen for the second straight day, raising questions as to whether Japan was intervening, while a global equities index rose on Friday as investors turned their focus to U.S. Federal Reserve interest-rate cuts.

The benchmark 10-year U.S. Treasury yield lost steam after earlier gaining modestly when the producer price index (PPI) report showed prices rose more than expected in June.