Yen Surges as Japanese Earthquake, Tsunami Spark Repatriation
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The yen surged against all 16 of its most-traded counterparts after the worst earthquake in at least a century struck Japan, spurring domestic investors to buy the currency as a haven.
The Japanese currency slid immediately following the 8.9-magnitude temblor, weakening as much as 0.4 percent against the dollar and depreciating versus all major peers as a tsunami of 10 meters (33 feet) engulfed towns along the northern coast. The euro fell versus the dollar for the fourth day this week amid concern Portugal may be moving closer to seeking financial aid. The pound declined as insurers led U.K. stocks lower.