Yen surges as stock market mood darkens

Friday,   18-Aug-2017   04:41 PM (IST)

The yen was the major mover among the G10 group of developed world currencies on Friday, gaining another half percent against the dollar as nerves over stock market valuations and the future of an 8-year global rally seeped into other assets.he euro had recovered all of the ground it lost after European Central Bank policymakers warned of an overshoot in the currency in the minutes from last month’s policy meeting, to trade 0.2 percent higher at $1.1748.Concerns over President Donald Trump's ability to push through the pro-growth measures financial investors had expected at the start of this year were at the heart of a second daily 1 percent loss for Wall Street on Thursday.The yen often comes into favor in times of market stress, partly due to expectations that Japanese investors will eventually repatriate their overseas assets if such market turmoil persists.