Yen steadier after tumble over BOJ shock move

London

THE yen was steadier on Monday after its biggest one-day fall in over a year, as a rally in riskier assets prompted by the Bank of Japan's shift to sub-zero interest rates stalled after yet more weak Chinese data.

The Japanese currency tumbled 2 per cent against the dollar after the BOJ's shock move on Friday, the final trading day of a jittery January in which the yen, a traditional safe-haven, had risen to levels not seen in over a year. But after a survey of Chinese manufacturers showed that factory activity in the world's second-largest economy contracted for an 11th straight month in January, the yen's fall abated and it traded flat at 121.15 against the dollar.