USD/JPY Below 101.50 on Risk Aversion

The yen reached a three-month high against the dollar as concern global economic growth remains sluggish prompted demand for haven assets.

Japan’s currency was little changed as global foreign exchange market voltility slowed to almost the lowest level since 2007. India’s rupee climbed to an 11-month high versus the dollar as the clearest election results in three decades boosted investor confidence in the nation. Sweden’s krona weakened to a four-week low versus the dollar as unemployment rose in April.

“You see dollar yen bouncing a little bit off these levels,” Sebastien Galy, a senior currency strategist at Societe Generale SA in New York, said in a phone interview. “Growth or lack of inflation plays some role.”

Bloomberg

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