The yen stood tall on Thursday, after global central banks startled markets with heavy rate cuts and threats of more to come as world economic risks grow, boosting the appeal of the safe-haven Japanese currency.

Broadening expectations of global monetary easing are now weighing on currencies such as the dollar and the euro, providing the yen with further support.

The yen was 0.15% firmer at 106.105 per dollar. It touched 105.500 overnight, its strongest level since Jan. 3, before pulling back slightly.

The dollar index against a basket of six major currencies stood little changed at 97.587 after dipping 0.1% overnight.

The index rose to a 27-month high of 98.932 just a week ago after Fed Chairman Jerome Powell ruled out lengthy monetary easing, but it has since declined sharply on resurgent prospects of more rate cuts. The euro nudged up 0.1% to $1.1211.

Source : Reuters