24.09.201503:19:52UTC+00Japanese yen surges as traders await Yellen speech

The Japanese yen ascended Thursday as market participants chase safety despite global economic uncertainty before Federal Reserve Chair Janet Yellen's speech today.

Weak Chinese data fueled worries about a global economic slowdown and the timing of Fed's rate hike.

The yen stood at ¥134.30 per euro from Wednesday's ¥134.50, and ¥120.03 per US dollar from ¥120.29.

If there is a change to presumption the US dollar has been backed by the stance “the US central bank will start raising rates this year, markets are likely to respond,” said Kyosuke Suzuki, Head of Foreign-exchange and Money Market Sales at Societe Generale.

Japanese markets have reopened following a three-day public holiday.