The yen jumped 5.7 per cent against the euro yesterday, its largest one-day gain since the single currency started trading in 1999. It also surged 4.2 per cent against the dollar, its strongest one-day move against the greenback since October 1998.
“There has been a high correlation between the performance of the yen and signs of financial stress,” said Colin Asher, senior economist at Nomura.
Although the Japanese economy is currently in recession and the latest Tankan survey of business confidence pointed to a deepening of the downturn, analysts appear more upbeat about the outlook for Japan than other developed economies.
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