Yen Falls to 3-Week Low as Failed Turkey Coup Cuts Haven Demand
- Lira gains with rand as Erdogan regains control of nation
- Investors see coup as ‘domestic’ affair, SocGen’s Juckes says
Was the Market Impact of Turkey Coup Short Lived?
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The yen dropped as global markets showed resilience in the wake of the failed coup attempt in Turkey, sparking a selloff in haven assets.
Japan’s currency, which often appreciates during market turmoil, fell as much as 1.3 percent versus the dollar on Monday, reaching its lowest level in three weeks on a closing basis. The yen depreciated against all except one of its 31 major peers. Riskier currencies including the lira and the South African rand led gains, after the attempt to unseat President Recep Tayyip Erdogan was thwarted.