Yen up as oil rout sparks risk aversion; euro falls

London

THE safe-haven yen rose on Tuesday as investor risk aversion mounted following sharp drops in crude oil and stocks that have rekindled concerns about the strength of the global economy.

Growing fears of deflation in the eurozone have pushed the euro to near nine-year lows and raised pressure on the European Central Bank to ease monetary policy soon. After a brief respite overnight, the single currency resumed its downward move on Tuesday.