A tech-sector selloff drove flows into traditional havens—yen, Japanese and US government bonds—pushing the yen to a one-month high. After weeks of tight trading the yen broke out in the past 24 hours, rising to 156.08 per dollar in Tokyo trade (up 0.4% intraday) and returning to its Sept. 18 level, the day the Bank of Japan hiked rates; it had gained 0.9% on Thursday. Asian equities fell alongside Wall Street. Japan 10-year bond prices jumped, sending yields down about 10bp; US Treasuries large

A tech-sector selloff drove flows into traditional havens—yen, Japanese and US government bonds—pushing the yen to a one-month high. After weeks of tight trading the yen broke out in the past 24 hours, rising to 156.08 per dollar in Tokyo trade (up 0.4% intraday) and returning to its Sept. 18 level, the day the Bank of Japan hiked rates; it had gained 0.9% on Thursday. Asian equities fell alongside Wall Street. Japan 10-year bond prices jumped, sending yields down about 10bp; US Treasuries largely held Thursday’s gains. Commonwealth Bank strategist Carol Kong said investors prefer the yen to the dollar as a safe haven after US mega-cap earnings dented the AI-driven growth narrative and added that further tech de-risking could push the yen higher.