Yen Jumps as Traders Seek Safety Amid Global Risk Averse Pivot
The yen outperformed all its major counterparts on Thursday as a selloff in global equities fueled risk aversion and boosted demand for havens.
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The yen outperformed all its major counterparts on Thursday as a selloff in global equities fueled risk aversion and boosted demand for havens.
Japanese Finance Minister Satsuki Katayama warned speculators that she was prepared to take action in the currency market again if needed, after the yen touched its weakest level against the dollar this month following a heating up of US inflation figures.
The Federal Reserve said on Wednesday that the US participation with Japan in intervening to support the Japanese yen in late July was a Treasury Department move, and that its own funds werenโt involved.
The yen strengthened past the 157 level against the dollar on Wednesday as a series of government warnings on the currency and quarter-end flows provided support.