The Japanese yen rallied today as the drop of crude oil led to a rout of global stocks which in turn resulted in risk aversion and demand for safe haven assets.
Crude oil has attempted to rally intraday but failed to keep gains and retreated below the opening level. European stocks dropped more than 2 percent as a result, joined by equities of other regions in a decline. The yen profited from this, getting additional support from the
increase of Japan’s current account surplus.
USD/JPY slid from 116.80 to 115.75 as of 15:26 GMT today, trading near the lowest level since December 2014. EUR/JPY dropped from 130.17 to 128.86.
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http://www.earnforex.com/news/2016/02/08/global-stocks-sink-benefiting-japanese-yen/
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