Asian stocks dived to three-year lows on Monday as a rout in Chinese equities gathered pace, hastening an exodus from riskier assets as fears of a China-led global economic slowdown roiled world markets.
Safe-haven government bond
World stocks were putting the finishing touches on a bumper year on Monday, steady at a six-year peak as rising benchmark bond yields and commodity prices underscored expectations of firmer global growth in 2014.
A delay in potential US military action in Syria and improving economic data from China and Europe boosted appetite for riskier assets on Monday, lifting world shares and sending the yen lower.
Oil prices also fell after US Presid
Abu Dhabi state-owned fund International Petroleum Investment Co has refinanced a 67.5 billion yen ($676.7 million) loan it used to purchase a stake in Japan's Cosmo Oil, two banking sources said on Tuesday.
The original loan
The dollar extended its relentless rally against the Japanese currency on Friday to break above 101 to its highest since April 2009, after signs that Japanese investors are buying more foreign assets provided yet another reason to sell yen.
The decline of the yen could spark a currency war in southeast Asia, Badr al-Saad, the head of Kuwait's sovereign wealth fund, said in comments aired on Saturday.
The Chinese economy will grow between 7.7 per cent to 8 per cen
The dollar hit an 11-month high against the yen on Wednesday, building on its broad gains after a modest brightening of the Federal Reserve's economic forecasts nudged traders to downplay expectations of further monetary easing. &