Yen Pares World's Best Performance This Year as Yuan Drop Halted
- UBS expects yen to weaken to 124 per dollar in 12 months
- Brown Bros. questions impact of U.S. payrolls amid turbulence
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The yen fell for the first time this week after China ended an eight-day run of cuts to its currency reference rate, sapping demand for safer assets by easing concern the world’s second-largest economy is slowing.
Japan’s currency dropped against 12 of its 16 major peers on Friday, after strengthening versus its counterparts over the previous four days. China’s reductions to the yuan fixing had triggered a slump in its stocks that roiled financial markets around the world. The Australian dollar was little changed after a straight run of losses since the start of the year.