Turmoil in global assets markets saw a brutal sell-off in high-yielding and emerging market currencies this week. The yen, which has hit multi-year lows against a raft of currencies in recent months, was the main beneficiary of the rout.

Analysts said the yen advanced as rising risk aversion saw carry trades, in which the low-yielding yen is sold to fund the purchase of riskier, high-yielding units elsewhere, pared back.