Yen Strengthens Past 150 Per Dollar on Demand for Haven Assets

The yen strengthened past the 150 level against the dollar, bouncing back from its weakest point in eight months as bad loans at two US banks drove global demand for haven assets.

Japan’s currency outperformed most of its Group-of-10 peers on Friday, advancing as much as 0.6% to 149.48 versus the dollar, its strongest since Oct. 6. The Swiss franc also gained, while the US currency and Treasury yields were dragged down amid the selloff in regional bank shares.