The yen climbed past
108 per dollar, reaching the strongest level in almost 1 1/2 years, as
demand for haven assets and the Bank of Japan’s apparent reluctance to
intervene kept investors buying.
The yen staged one of
its biggest daily rallies since the market convulsions of August as
expressions of concern from Japanese officials failed to convince
traders that measures to curb the gains were imminent. The currency rose
1 percent or more against all 16 of its major peers, advancing even as a
Ministry of Finance official said recent moves have been one-sided and
that authorities will act as necessary.
The yen surged for a
fifth straight day, climbing 1.5 percent to 108.11 per dollar as of 2:09
p.m. in New York. It reached 107.67, the strongest level since late
October 2014, which was days before the BOJ unexpectedly boosted its
quantitative-easing program.
Source: Bloomberg
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