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Yen Soars as Investors Stampede to Safety


Monday, 9 March 2020 07:44 WIB

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The Japanese yen leapt 1.6% to a more than three-year high on Monday as the widening reach of the coronavirus sent investors scrambling for safety, while oil-exposed currencies plunged after Saudi Arabia slashed its selling price.

In early trade, the yen broke through 104 per dollar and kept rising as high as 103.52 per dollar.

The Japanese currency is regarded as a safe haven by virtue of the country's status as the world's biggest creditor.

While the yen soared, the dollar dived against the euro as trade in U.S. Treasury futures pointed to 10-year yields crumbling below 0.5% - effectively removing one of the dollar's greatest attractions. The euro last stood at an 8-month high of $1.1380.

Source : Reuters


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