Yen rises as global mood sours again

London

THE yen inched higher on Tuesday as another drop in oil and stock markets sent investors back to traditional safe havens, hammering commodity-dependent currencies in the process.

The Australian and New Zealand dollars both sank almost one per cent in mid-day trade in Europe, while the Canadian dollar and Norwegian crown - both heavily dependent on oil revenues for capital inflows - fell by more than half a per cent.

The almost 4 per cent fall in crude prices swept away the more positive tone to markets created by a sho…