Japanese yen rises amid global market uncertainty, U.S. economic concerns

(MENAFN) On Monday, the Japanese yen surged to its highest level since mid-January against the U.S. dollar, marking a continuation of the trend that began last week. This movement in the yen follows disappointing U.S. jobs data, which heightened recession fears and fueled expectations of more significant interest rate cuts by the U.S. Federal Reserve. The jobs report, combined with a series of weak earnings from major technology firms and growing worries about the Chinese economy, triggered a global sell-off in stocks, oil, and high-yielding currencies as investors sought refuge in safer assets like cash.

The market turmoil persisted into Monday, with U.S. Treasury yields continuing their decline, stock indices retreating further, and a slight easing in currency volatility. The yen was trading at 145.43 against the dollar, reflecting its appeal as a safe-haven currency. Meanwhile, the British pound experienced a 0.8 percent rise against the dollar, reaching 145.28 in early trading, its highest level since January. The euro remained relatively stable, settling at USD1.091. The dollar index remained nearly unchanged at 103.17, while the Australian dollar traded at USD0.6495, down 0.25 percent, reflecting broader market concerns and shifting investor sentiment. 

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