for that, and other reasons, it's good to make a habit out of placing quotes and braces around variables. Makes your code look more cosistent.
See the difference in code:
Code:
echo '/*' > /tmp/testfile
y="$(</tmp/testfile)"
echo "${y}"
echo "-----"
echo "$y"
echo "-----"
echo '${y}'
echo "-----"
echo $y
notice the difference what each type of quotes does btw; at times that can be handy.