Yen Surges Past 100 Per Dollar as U.K. Vote Spurs Rush to Safety
- Currency surges 18% versus pound as Britons choose Brexit
- Strength undermines stimulus program for reviving economy
Yen Briefly Breaks Through 100 Per Dollar
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The yen soared past a milestone versus the U.S. dollar for the first time since November 2013 as Britons’ vote to quit the European Union spurred demand for this year’s best-performing major currency as a haven.
Japan’s currency strengthened as much as 7.2 percent to 99.02 per dollar, climbing against all 16 of its major peers. Investors and analysts have said a move below 100 would put pressure on Japanese authorities to intervene to weaken the currency as its advance in 2016 threatens to unwind much of the impact of the Bank of Japan’s record monetary easing.