Australian dollar near record lows

The Australian dollar traded close to record lows against the yen and near 5-1/2 year lows on the US dollar on Monday as fears of a looming global recession saw investors stay away from higher-yielding currencies. The yen surged across the board, trading near 13-year highs against the US dollar, as safe-haven inflows gathered momentum.
Only fears of forex intervention from the Japanese authorities prevented sharper gains. Speculation of a co-ordinated intervention by major global central banks to drive down the resurgent yen continued. There is also growing talk that the US Federal Reserve might cut interest rates again to support the flagging economy. The Group of Seven G7 big industrialised economies said on Monday that a rapid rise in the yen would prove harmful for both the economy and markets and they would cooperate.