The yen stood near a seven-month high against the dollar on Tuesday as unrest in...
TOKYO - The yen stood near a seven-month high against the dollar on Tuesday as unrest in Hong Kong and gyrations in Argentina’s markets heightened investor risk aversion and fanned demand for the safe-haven Japanese currency.
The yen has been on a solid footing this month, supported by factors such as U.S.-China trade tensions and the prospect of further monetary easing by the U.S. Federal Reserve. “It’s the ‘risk off’ in the market generated by events in Hong Kong and Argentina that is feeding demand for the yen,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities. “Speculators are increasing their long positions on the yen.”
The Japanese currency has gained for the past four trading days against the greenback. A move beyond 104.100, this year’s high scaled at the start of January, would take the yen to its highest level since November 2016.The single currency held modest gains made the previous day after Italian bond yields pulled back from five-week highs on relief that rating agency Fitch left the country’s credit rating unchanged.The Aussie had lost 0.
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