Yen Reaches 1-Year High as Global Markets Rout Adds Haven Demand
- Japanese currency has risen versus all 31 major peers in 2016
- Rattled companies must rework budgets, hedges, Cambridge says
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The yen advanced to its strongest level in a year as a global selloff in equities and commodities deepened, spurring demand for refuge assets.
Japan’s currency, which has appreciated more than 2 percent versus all 31 of its major counterparts this year, rose as sliding oil prices and slowing economic momentum in China damped the outlook for global growth. The Mexican peso dropped to a record, while the currencies of other commodity-exporting nations also fell.