USD/JPY Below 117.80 on Haven Bid

A gauge of the yen was 0.2 percent from the highest level in five weeks as investors sought a haven after crude oil slumped and Russia raised interest rates.

Australia’s dollar dropped to the lowest level in more than four years against the greenback after the Reserve Bank said the currency needed to weaken to achieve balanced growth. The Indonesian rupiah slid for a fifth day to the weakest since November 2008. Russia’s ruble slumped to a record yesterday. The U.S. dollar was little changed before the Federal Reserve starts a two-day policy meeting.

“The yen is being bought in a risk-off trade,” said Yujiro Goto, a currency strategist at Nomura Holdings Inc. in London. “It’s uncertain how far this oil rout will go so the correction could continue for some time yet.”

Bloomberg

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