Currencies in Australia, South Africa, Brazil and New Zealand tumbled at least 2.4 percent versus the yen as investors exited higher-yielding assets funded by loans in Japan. The dollar rebounded from a record low against the euro as traders sought safety in Treasuries. Global stocks fell, crude oil rose above $99 a barrel and the cost to borrow dollars increased.
The yen rose 1.2 percent to 108.59 per dollar at 9:37 a.m. in New York and touched 108.26, the strongest level since June 2005. The Japanese currency advanced 1.4 percent to 160.90 per euro.