Yen on the up, but it’s not a bad run

Yen on the up, but it’s not a bad run

It may seem churlish to point out that it is actually the best performing Group-of- 10 currency over the last four days, despite all the hand-wringing about the yen falling to a 24 year low.

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Since June 8th, the traditional haven has been little changed against the dollar when global stocks began their latest selloff that has pushed them into a bear market. Peers from fellow havens the Swiss franc to the commodity-sensitive Norwegian krone have slumped about 2% and 5% over the timeframe.

The correlation-weighted indexes of each currency's relative strength against peers show the yen is climbing neck and neck with the dollar one despite Treasury yields posting their biggest two-day jump in decades.

The yen s reprieve may be short-lived. The currency fell to the lowest since 1998 against the dollar Monday, as the Bank of Japan's easy monetary policy is increasingly feeling the strain of rising interest rates around the world.

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The yen has fallen by 14% this year as the BOJ keeps rates low to boost a sluggish economy while the US yields surge on bets for continued Federal Reserve hikes.

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