Yen Advances to Strongest Since August as China Drives Haven Bid
- Speculators net-long on Japan currency first time under Abe
- Yen gained 2.5% this year, the most among 31 major peers
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The yen rose to the strongest since August as a rout in assets linked to Chinese growth prompted speculators to turn bullish on the currency for the first time since 2012.
Japan’s currency has surged 2.5 percent this year against the dollar, the biggest gain among 31 major peers, as an eight-day run of reductions to the yuan’s reference rate through Thursday sent shock waves through financial markets. The dollar on Friday completed its biggest weekly drop versus the yen since August 2013 even as data showed employers added more jobs than economists had forecast in December. South Africa’s rand tumbled to a record low Monday.