Japanese Yen (JPY)
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The Wall Street Journal has been looking at what went on in the currency markets overnight, when the Japanese yen surged against major currencies.
It talks about "a one- to two-hour period when US traders are heading home - but market hubs in Singapore and Hong Kong aren’t yet fully up and running- has become known to traders as the twilight hour, a time when normally stable currencies can suddenly go haywire".
Amid anxiety about global growth, the yen is soaring.
The currency is racing higher as investors look for safe places for their money.
Apple's warning about revenues - in which it blamed China for slowing sales - prompted the move as it raised fears about global growth.
The yen was at a ten year high against the Australian dollar and roaring against the US dollar which fell 4.4% to 104.10 yen at one point - the lowest level since March 2018.
"The Apple news is driving safe haven flows, which have seemingly triggered a flash crash in forex," said Brad Bechtel, global head of foreign exchange at Jefferies.
The move was likely exacerbated by a new year holiday in Japan.
Gold is not alone in benefiting from investors turning their back on riskier investments.
Silver has touched its highest level since August while the Japanese yen is also on an upward path against the dollar.
The dollar is at its lowest level against the yen since June, trading at around 108.71 yen.
But, while the dollar is down against the yen, sterling is not benefiting. The pound is down 0.6% at $1.2665.
The dollar has fallen to a two-week low against the yen on the back of the latest global trade war concerns.
The Wall Street Journal reported that the US Treasury Department is putting together rules that would block firms with at least 25% Chinese ownership from buying US companies involved in “industrially significant technology”.