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Markets’ favourite tautology – the “safe haven” – is back, meaning the yen is too, reaching levels against the dollar not seen since last November.

Wall Street suffered its biggest fall since the election of US president Donald Trump overnight. That set the tone in Asia, where the dollar’s general weakness pushed it to a low of ¥111.4 by late morning in Tokyo.

Data showing a third month of export growth for Japan helped support the yen, too. Shipments rose 11.3 per cent last month – above analysts’ expectations.

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