Yen soars after BOJ refrains from further easing

London

THE yen surged by more than 2 per cent against the US dollar on Thursday to hit a 22-month high, after the Bank of Japan held off from expanding its monetary stimulus programme and the US Federal Reserve struck a cautious tone.

The safe-haven yen, which also hit multi-year highs against the euro and sterling, has climbed 7 per cent against the US dollar since the start of June as worries that Britain could vote to leave the European Union in a referendum next week have prompted a flight to safety.