INSUBCONTINENT EXCLUSIVE:
MUMBAI: It took seven minutes for yen to surge through levels that have held through almost a decade.
In those wild minutes from about 9:30
Sydney, yen jumped almost 8 per cent against Australian dollar to its strongest since 2009, and surged 10 per cent versus Turkish lira
The Japanese currency rose at least 1 per cent versus all its Groupof-10 peers, bursting through 72 per Aussie level that has held through a
While some pointed to risk aversion triggered by Apple Inc
cutting its sales outlook, others said Japanese retail investors were bailing out of loss-making positions
Stephen Miller, an adviser at Grant Samuel Funds Management Pty in Sydney and former head of fixed income at BlackRock Investment Management
sell orders with pricing erratic
Once yen strengthened past 105.50 against dollar, others were forced to cover their short yen positions, said traders who asked not to be
against every currency tracked by Bloomberg, and was up 1 per cent against dollar at 107.78 by 9:30 a.m
in London.
The haven asset has strengthened against all its major counterparts over past 12 months as concerns over global economic growth
mounted and stocks tumbled
It rose 2.7 per cent against dollar last year, only G-10 currency to gain versus greenback.
