The yen traded close to a seven-month high against the dollar on Tuesday, as unr...
TOKYO - The yen traded close to a seven-month high against the dollar on Tuesday, as unrest in Hong Kong and gyrations in Argentina’s markets heightened investor risk aversion and fanned demand for the safe-haven Japanese currency.
The Japanese currency, which attracts flight-to-safety flows in times of market turmoil, has been on a solid footing this month, supported by factors such as U.S.-China trade tensions and the prospect of further monetary easing by the U.S. Federal Reserve. “It’s the ‘risk off’ in the market generated by events in Hong Kong and Argentina that is feeding demand for the yen,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities. “Speculators are increasing their long positions on the yen.”
The Japanese currency has gained for the past four trading days against the greenback. A move beyond 104.100 per dollar, this year’s high scaled at the start of January, would take the yen to its highest level since November 2016.
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