The Japanese yen hit its highest level since mid-January against the dollar at the open in Asia on Monday, extending market moves that began last week after weak U.S. jobs data stoked recession fears and expectations of deeper interest rate cuts by the U.S. Federal Reserve.
Friday's jobs data, which came on top of a string of weak earnings reports from major tech companies and growing concerns about the Chinese economy, sparked a global sell-off in stocks, oil and high-yielding currencies as investors sought safety in cash.
The selling continued today, as US Treasury yields continued to decline, stock indices retreated, and currency volatility eased slightly but fell against the dollar and yen.
The safe-haven yen traded at 145.43 against the dollar. Sterling rose 0.8 percent against the dollar, having hit a mid-January high of 145.28 in early trade.
The euro settled at $1.091.
The dollar index was almost flat at 103.17, while the Australian dollar was trading at $0.6495, down 0.25 percent.
