Digital coins tack on
On Thursday, prices of the key crypto assets headed north in Asia…
Japanese yen is firm on North Korea's nuclear test
On Monday, the Japanese yen soared versus the evergreen buck because market participants changed their exposure to riskier assets right after North Korea dared to conduct its most powerful nuclear test.
The US currency dived to as low as 109.22 yen during early Asian trade.
The heightened risk aversion followed Sunday’s news of North Korea's sixth and perhaps most powerful nuclear test. It actually prompted the warning of a huge military response from America in case it or any of its allies were threatened.
By the way, the Japanese yen nearly always surges when market participants try reducing exposure to risk. It’s because the Japanese currency is often utilized as a funding source to purchase riskier, higher-yielding assets.
Japan appears to be the world's number one net creditor nation, so at times of uncertainty market participants suggest Japanese repatriation from foreign countries will supplant foreign investors' selling of Japan’s assets. Apparently, the Japanese yen has kept behaving as a safe-haven currency notwithstanding Japan's proximity to North Korea.
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