The
yen traded near a more than two-month high to start 2016 amid demand
for haven assets as tensions escalated between Saudi Arabia and Iran
after the execution of a prominent Shiite cleric.
Japan’s
currency held its biggest monthly gain versus the dollar since January
2014 after Saudi Arabia cut diplomatic ties with Iran following an
attack by protesters on its embassy in Tehran. Concern that China’s
economy remains anemic added to risk aversion after a fifth month of
contraction in factory activity.
The
yen traded at 120.26 per dollar as of 8:46 a.m. in Tokyo, after earlier
reaching 120.04. It touched 120.01 on Dec. 31, the highest since Oct.
22, rising 2.4 percent over the month. Japan’s currency was at 130.53
per euro.
Source: Bloomberg
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