As stock markets around the world fall the yen rose against the dollar as investors reduce holdings of higher-yielding assets bought with money borrowed in Japan.
This morning the dollar stood at 116.02 yen and the greenback was at 1.3200 to the euro. The South Korean won was at 8.149 to the yen.
Concerns about the US economy and mortgage industry saw markets in Asia and Europe fall, following on from a drop on Wall Street.
This morning the FTSE was down 110.4 points, or 1.8 per cent, while Japan's Nikkei index closed 2.9 per cent lower, and New York's Dow Jones index ended down two per cent.
"The yen should benefit as the unwind of the carry trade continues,"
Tony Morriss, a currency strategist at Australia & New Zealand Banking, told Bloomberg.
"With stock markets very jittery and concern over the US financial system, there will continue to be an atmosphere where risk is removed."
Please note: All rates are subject to change, for the latest up-to-date rates check our Currency converter
Contact Us
Currency Converter
Today's Currency News
Markets are gearing up for an action-packed trading session, with key policy meetings of the BoE and...
Currency Rates
| US Dollars | 1.5834 |
| Euros | 1.1916 |
| Swiss Francs | 1.4428 |
| Australian Dollars | 1.4669 |
| South African Rand | 12.036 |
| GBP indicative mid-market rate at 16:45. Please call for quote. | |
Currency Solutions Ltd is registered in England, Company No. 4864491.
© 2003 - 2012
Registered address is Hobbs Court, 2 Jacob Street, London SE1 2BG.
HM Revenue & Customs, No. 12162570
Regulated and authorised by the Financial Services Authority,
as a Payment Institution, No. 512130