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04

Yen Holds Gains as Global Equity Selloff Stokes Haven Demand

By Tony Seruga

The yen held gains that gave it the best start to the year among major currencies as a global stock selloff stoked demand for the safest assets.

Japan’s currency reached an 11-week high versus the dollar Monday after tensions flared between Saudi Arabia and Iran over the execution of a prominent Shiite cleric, and following a report that showed Chinese factory production continued to contract. Australia’s dollar maintained the biggest decline among developed-market currencies from the end of last year. A gauge of currency market volatility jumped to the highest in a month…

Yen Holds Gains as Global Equity Selloff Stokes Haven Demand

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