The yen touched a five-month peak of 146.625 per dollar and was last trading at 146.85. The Nasdaq fell 4% overnight and the S&P 500 slid 2.7% as equities caught up with a big rally in U.S. bonds. Other moves in the currency market were more muted, but the lack of flight to the dollar – which has been sinking in recent weeks – was noteworthy, according to analysts. The overnight drop in the risk-sensitive Australian dollar was a modest 0.4% and it last bought $0.6272. Sterling was holding on above its 200-day moving average at $1.2875 and the euro was steady just above$1.08. There were falls in the Canadian dollar and Mexican peso – the economies whose exports are to bear the brunt of U.s. tariffs – but they were modest. The dollar index was mostly flat overnight as small rises against the Aussie and sterling were offset by losses on the yen and it settled at 103.89.