Japanese yen surges to 7-month high as US economy worries mount

— Reuters

SINGAPORE: Japan's yen hit its highest levels against the dollar since January on Monday, as markets extended moves triggered last week by weak U.S. labour data that stoked recession worries and expectations of deeper rate cuts by the Federal Reserve.

Friday's jobs data, coming on top of a string of weak earnings reports from large technology firms and heightened concerns over the Chinese economy, drove a global sell-off in stock markets, oil and high-yielding currencies as investors sought the safety of cash.