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Yen Rises Most in Nearly a Month as Global Tensions Boost Havens
The yen rallied the most in nearly a month, pulling back from levels that traders speculated would spark Japanese intervention, as rising tensions in the Middle East spurred a selloff in riskier assets. The currency strengthened about 0.3% in New York, the most since March 8 on a closing basis, to 151.22 per dollar. The yen was among the day’s top Group-of-10 performers. It gained along with Treasuries and oil, while US stocks tumbled. “You are seeing the old safe havens (Treasuries, the Swiss franc and more impressively the yen) rallying on the back of rising geopolitical tensions in the Middle East,” Paresh ... (full story)