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AI trading sends yen surging, briefly touching 104 to dollar

Thin holiday volume and flight to safe havens also influenced the violent rise

Market participants started to flee to the safety of the yen on Jan. 3.    © Reuters

TOKYO -- The Japanese yen soared against its peers on Thursday. The dollar tumbled to as low as the 104 yen level, its lowest in nine months, since March 2018. Apple's downward revision of its earnings guidance pushed investors to buy safe-haven assets.

Asian markets, trading at very thin New Year holiday volumes, were influenced by yen-buying by artificial intelligence programs, leading to the sharp surge of the currency.

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