The Yen was broadly higher, reaching a one-month high versus the Dollar as plunging equity prices prompted investors to reverse risky trades. The Yen performed best against currencies of countries where central banks are expected to slash interest rates later this week, including the Euro, Sterling, and the Australian and New Zealand Dollars. The National Bureau of Economic Research's business cycle dating committee, the arbiter of US recessions, said Monday the US economy slipped into recession in December 2007. Comments from Federal Reserve Chairman Ben Bernanke also fueled pessimism. He said the US economy remained under considerable strain and the Fed would also use other unconventional measures to aid growth as interest rates approach zero. As the global economy slows, the Bank of England, the European Central Bank, the Reserve Bank of New Zealand are all expected to cut rates by at least 50bp, diminishing the yield advantage of their currencies over the ultra-low yielding ...

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