Emerging Currencies, Stocks Reach Record High Amid Yen Rally

Gauges tracking emerging-market currencies and stocks closed at a record high on Monday as the dollar continued to slide, hitting a four-month low on speculation the US could coordinate intervention with Japan to support the yen.

The MSCI index for developing nation currencies, which incorporates interest returns, jumped as much as 0.6% before trimming gains in afternoon trading. Asia led the advance, with the South Korean won rising as much as 2.1%. The South African rand, a bellwether for risk appetite, was among the top performers against the greenback as gold prices smashed the $5,000-an-ounce threshold.