Yen’s Slide Means It Fails to Beat the Longest Rally of Abe Era
- Currency is hedge for Brexit but gains had gone too far: CIBC
- Markets see ‘little chance’ of intervention on yen, ANZ says
Does Abenomics Need Reloading with Policy Ammunition?
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The yen fell, halting a rally that matched the longest under the reign of Japanese Prime Minister Shinzo Abe.
The currency, a traditional haven, had strengthened for seven days straight amid anxiety over the outcome of this week’s U.K. referendum on European Union membership. Yet strategists said the yen had climbed too far, too fast, and was dropping following a recovery in global stocks, a sense that the British “Leave” campaign’s lead had dissipated and as markets became less volatile.