Yen Jumps to Highest Since '14 as Recession Risk Spurs Haven Bid
- Volatility jumps to 2 1/2-year high amid thin liquidity
- Stocks, bond yields, oil fall before Yellen speaks Feb. 10
A Strong Yen Is Unacceptable, Here's Why
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The yen strengthened to a more than one-year high Monday, extending gains after its best week since 2009, as demand for haven assets benefited from a growing unease about the resilience of global growth.
Japan’s currency, which strengthens in times of turmoil thanks to Japan’s current-account surplus, rose against all 16 of its major peers in New York. Exchange-rate volatility climbed to its highest since June 2013 as European equities tumbled to their lowest since October 2014 and the U.S. Standard & Poor’s 500 Index slumped.