Economics
Yen Approaches Strongest Level Since 2014 as Haven Demand Reigns
- Brexit turmoil, central-bank meetings bolster refuge allure
- Hedge funds added to net bullish bets on the Japanese currency
Measuring the Global Market Risks of a Brexit
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The yen rallied, approaching the strongest level against the dollar since October 2014, as demand for the safest assets dominates amid unease about the U.K. Brexit referendum in less than two weeks and central bank meetings in the U.S. and Japan.
Japan’s currency rose against all major currencies amid selloffs in global stocks. Two new polls by ICM suggested the U.K. is on course to quit the European Union, with both phone and online surveys showing the “Leave” side opening up a 5 percentage-point lead over “Remain.” The Federal Reserve and Bank of Japan meet this week, with most economists surveyed by Bloomberg predicting both authorities will refrain from actions.