Yen Rallies With Franc on Rout in Amid Emerging Markets
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The yen and the Swiss franc rallied as a selloff in emerging-market currencies deepened, stoking demand for haven assets.
The yen strengthened against all but two of 174 global peers as increased scrutiny of credit risks in China supported demand for Japanese assets. Argentina’s peso was the fourth worst global performer after a 13 percent slump yesterday as the country devalued the currency. The dollar was underpinned by speculation the Federal Reserve will continue to scale back stimulus. Turkey’s lira slid to a record and Russia’s ruble fell to a five-year low.