The yen strengthened for the first time in seven days against the dollar after a media report that a patient in New York City tested positive for Ebola, boosting demand for haven assets.
Japan’s currency advanced at least 0.2 percent versus all of its 16 major counterparts after the New York Times said a further test will be conducted to confirm the initial finding without saying where it got its information. U.S. Treasuries gained, while futures on the Standard & Poor’s 500 Index extended declines.
“We’re seeing a fall in equity futures and dollar-yen on fears of a potential pandemic,” said Greg Gibbs, the head of Asia-Pacific markets strategy at Royal Bank of Scotland Group Plc in Singapore.
“There is a bubbling fear percolating in the background. Ebola is certainly on the market’s radar.”
The yen rose 0.3 percent to 108 per dollar at 10:03 a.m. in Tokyo after sliding to 108.35 yesterday, the weakest level since Oct. 8. Japan’s currency climbed 0.2 percent to 136.71 per euro. The dollar was little changed at $1.2657 per euro.
Source: Bloomberg (24 Oct 2014)
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