Yen climbs on safe-haven appeal amid China growth fears
Thursday, 3 January 2019 23:20 WIB | CURRENCIES | Yen

The yen rallied against the dollar and euro on Thursday as investors sought the perceived safety of the Japanese currency after a shock revenue warning from Apple Inc exacerbated concerns about a Chinese and global economic slowdown.

The dollar was 1.37 percent lower against the yen at 107.38 yen, while the euro was 0.86 percent lower against the yen.

The yen has surged more than 5 percent in five weeks on mounting worries over the direction of the global economy.

The yen has traditionally been the go-to currency in times of stress because traders believe the legions of Japanese investors holding money overseas will rush back into Japan when markets are in flux.

Earlier in the session, the yen rose to as much as 4.4 percent stronger versus the dollar after a flurry of automated orders triggered a massive move in thinly traded Asian markets.

The Australian dollar, whose fortunes largely depend on the Chinese economy to which Australia sends a bulk of its commodities, fell to a near-decade low before recovering to trade little changed on the day.

Sterling was 0.11 percent lower against the greenback as worries about the health of the global economy and particularly China prompted investors to avoid currencies considered riskier.

Source: Reuters

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