Yen surges on risk aversion; Turkish lira hits record low
Friday,
23-Mar-2018
09:33 AM (IST)
The yen hit a 16-month high against the dollar on Friday, while the Turkish lira skidded to a record low, as concerns over rising global trade tensions triggered a bout of investor risk aversion.The yen rose broadly amid talk of position unwinding by Japanese retail investors, who had held long positions in higher-yielding currencies such as the Turkish lira against the Japanese currency.The dollar fell to as low as 104.635 yen in early Asian trade on Friday, the greenback's lowest level since November 2016, as the Japanese currency pushed higher. The dollar was last down 0.4 percent at 104.90 yen.
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