Yen rallies in Asia

AFP, TOKYO: The yen rallied in Asia yesterday as traders fled higher-risk assets, pushing down emerging currencies as a rout that has swept global markets at the start of the year resumed.
Regional equities plunged as jittery investors reacted to a slump on Wall Street as oil saw another drop and the Federal Reserve released a lukewarm report on the US economy.
Global markets have been in freefall since the beginning of the year, largely on the back of worries about a growth slowdown in China—a key driver of the world economy.
Plunging oil rates overshadowed a better-than-forecast Chinese trade report Wednesday, which provided some rare good news about the Asian economic giant.
Crude prices, which have plummeted about 70 percent in 18 months—continue to tumble, with news that US stockpiles had risen last week adding to the sense of gloom. The Brent contract on Wednesday fell below $30, a day after the US benchmark West Texas Intermediate (WTI) did the same.

Yen rallies in Asia

AFP, TOKYO: The yen rallied in Asia yesterday as traders fled higher-risk assets, pushing down emerging currencies as a rout that has swept global markets at the start of the year resumed. Regional equities plunged as jittery investors reacted to a slump on Wall Street as oil saw another drop and the Federal Reserve released a lukewarm report on the US economy. Global markets have been in freefall since the beginning of the year, largely on the back of worries about a growth slowdown in Chinaa key driver of the world economy. Plunging oil rates overshadowed a better-than-forecast Chinese trade report Wednesday, which provided some rare good news about the Asian economic giant. Crude prices, which have plummeted about 70 percent in 18 monthscontinue to tumble, with news that US stockpiles had risen last week adding to the sense of gloom. The Brent contract on Wednesday fell below $30, a day after the US benchmark West Texas Intermediate (WTI) did the same.