New York

THE dollar surged on Friday, posting sharp gains against the safe-haven Japanese yen as stock markets recovered globally and investors cheered efforts by governments and policymakers to address the economic fallout from the Covid-19 outbreak. The greenback posted its largest daily percentage gain against the yen since April 2013.

The US currency also benefited after President Donald Trump declared a US national emergency over the quickly spreading Covid-19 on Friday, opening the door to more federal aid to combat the disease.