The Japanese yen was the strongest of the major currencies we follow on Monday, as concerns about the future of the global economy and financial markets triggered deleveraging.
Indeed, the yen ended the day up nearly 3 percent against the US dollar, euro, and Canadian dollar while rocketing close to 6 percent higher versus the British pound and New Zealand dollar. This coincided with a 7.7 percent plunge in the Dow Jones Industrial Average, highlighting the tight inverse correlation between the yen and US equity indexes.
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