Yen strengthens as stocks come under selling pressure

London

THE yen rose on Monday, gaining around 0.4 per cent against the dollar and the euro, as a drop in global stock markets triggered a bout of safe-haven flows into currencies traditionally sought during times of financial market uncertainty.

Europe's main bourses fell as a 18 per cent slump in miner Glencore and a drop in Volkswagen shares added to a glum mood in markets. US stock futures also pointed to a weak opening on Wall Street.