(CNBC) The yen rallied against the dollar and euro on Thursday as investors sought the perceived safety of the Japanese currency after a shock revenue warning from Apple Inc exacerbated concerns about a Chinese and global economic slowdown.
“Clearly the Japanese yen is a beloved safe-haven asset when the globe seems to be in chaos,” said Juan Perez, senior currency trader at Monex Consulting, in Washington.
“Things are consistent in Japan though overall economic growth and certainly inflation have been anemic, but their political situation is stable, they carry a current account surplus, and the rest of the world seems more at the mercy of the U.S.-China trade impasse,” said Perez.