The Japanese yen jumped to the day's high on Wednesday as the United States bond yield curve inverted for the first time since 2007 as investors, gripped by worries of a looming global recession, fled to the safety of perceived safe-haven assets.
An inversion of the U.S. Treasury yield curve – when short-dated bond yields fall more than their longer-dated counterparts-- is considered as a classic recession warning and the drop in bond yields sent a chill through global markets after concerns of a U.S.-China trade dispute receded somewhat.
The yen, which was already trading stronger on the day, received a further boost and headed towards a near 1-1/2 year high versus the U.S. dollar.
The Japanese currency strengthened to 105.83 versus the dollar, its highest on Wednesday, up 0.6% on the day.
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