Yen’s Gain Sparks ‘Widespread Liquidation’ Across Markets
- Nikkei 225 enters technical correction partly on stronger yen
- Gold, bitcoin fall while yuan rises as global fallout widens
This article is for subscribers only.
The yen’s stunning revival is upending global markets, dragging the yuan higher and hammering assets from Japanese stocks to gold and Bitcoin as investors reassess their leveraged bets.
The yen rose to its strongest mark in more than two months Thursday, reflecting burgeoning wagers that the interest rate gap between Japan and the US will likely narrow, before easing gains and ending the session little changed around 153.94 per dollar. Since reaching a multi-decade low earlier this month, it has gained nearly 5% against the greenback.