The Yen dropped against all of its most-traded counterparts as gains in stocks and commodities spurred demand for growth-linked assets, turning investors away from the safe haven USD and JPY.

Growth tied currencies such as the AUD and NZD benefited greatly from this surge, with The Australian dollar heading for its first weekly advance in more than a month. The Australian Dollar advanced 3.5% as Asian equities extended a global rally, boosting demand for higher- yielding assets.