Tokyo

THE US dollar is likely to enjoy a further surge in value next year, especially against crumbling emerging-market currencies, investment bank JP Morgan predicted in a report on Wednesday.

The leading Wall Street institution also forecast further falls in the value of the Chinese renminbi, and suggested that the yen was likely to appreciate against most leading currencies in 2016, as the Bank of Japan (BOJ) had gone against foreign-exchange markets' expectations that it would opt for further monetary easing following two major exercises.