Yen rises as tech selloff drives haven demand
In short
The Japanese yen rose as investors sold US technology shares and moved into safer assets. CIBC and Nomura strategists said they think that flight to safety could keep going and give the yen more room to rise.
This matters for currency traders because the yen may keep strengthening if risk aversion stays high.
What the reporting says
The Japanese yen rose as a selloff in US technology shares pushed traders toward safer assets, according to a Mint Markets summary. Strategists at CIBC and Nomura said they expect the haven demand to continue, suggesting room for more gains in the currency.
Why it matters
The Japanese yen moved higher after a selloff in US technology stocks pushed traders toward safer assets. The market view cited in the summary comes from strategists at CIBC and Nomura, who see room for further yen gains if haven demand continues.