163-Yen and gold soar on recession fears

The Japanese yen reached its highest level against the dollar since the second world war and gold hit a record on Friday, as continued investor concerns about a double-dip recession stoked demand for perceived havens.

At the end of another brutal week in markets in which US 10-year Treasury yields fell below 2 per cent for the first time in six decades, investor demand for the safest assets grew stronger. The yen reached a record Y75.93 against the dollar, while Swiss two-year bonds had a negative yield.

“This is Alice in Wonderland territory. We have gone through the looking glass,” said Marc Chandler, head of global currency strategy at Brown Brothers Harriman....................



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