AFP, TOKYO: The yen rallied against the dollar yesterday, while emerging currencies were boosted by US Federal Reserve minutes highlighting unease over raising interest rates too soon given global economic weakness. Huge volatility on equity markets driven by concerns over a global slowdown have sent traders scurrying for the Japanese unit, which is considered a safe bet in times of turmoil.
Yesterday, the dollar fell to 108.56 yen, erasing most of its gains since the Bank of Japan, in October 2014, last expanded its vast asset-buying programme.