Yen Surges After Apple Upsets the Currency Cart

Traders point to a jump in activity on Japanese retail trading platforms, poor liquidity elsewhere in the market, and fragility of investor sentiment

Mike Bird and

Ira Iosebashvili

Updated Jan. 3, 2019 12:24 a.m. ET

Currency markets were thrown into a spasm early in Asia on Thursday, with the Japanese yen surging during less-than-liquid trading hours, following weeks in which market sentiment has soured.

The U.S. dollar fell by as much as 3.7% against the yen, immediately following a weaker-than-expected sales forecast from Apple Inc. that was issued after U.S. markets closed. The currency retraced much of its move in later trading, and was recently down 1.6% against the yen at 107.07.

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