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Yen soars as investors stampede to safety
Friday, 28 February 2020 12:30 WIB | CURRENCIES |Dolar AS Yen

The Japanese yen returned as a beacon of safety on Friday, hitting a one-month high against the dollar as deepening worries about coronavirus sent global financial markets into a tailspin.

Stocks are in freefall and a rush for U.S. Treasuries has pushed yields to record lows.

Money markets are now all but certain the U.S. Federal Reserve will lower its benchmark lending rate next month and the yen - heavily sold a week ago - has roared back to life.

It rose half a percent to a month-high of 109.03 per greenback on Friday, leaving the dollar heading for its worst week on the Japanese currency in more than three years.

As investors dumped China-sensitive regional currencies, the yen soared. The Australian dollar tanked 0.5% to a fresh 11-year low on the dollar, but it lost twice as much against the yen.

Against the kiwi the yen rose 1.6%.

The Aussie last bought $0.6535 and 71.31 yen. The kiwi hit a four-month low of $0.6247.

Source: reuters

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