Yen steadies after shock Japan GDP slide

London

THE yen recovered from seven-year lows against the dollar on Monday but remained under pressure, having sunk across the board after shock data showed Japan's economy slipping back into recession.

The Japanese currency tends to rise as Tokyo's stock market falls and that logic dragged the yen steadily higher as the Nikkei index sank 3 per cent in the hours following gross domestic product numbers showing a 1.6 per cent annualised fall.