The yen strengthened as a stock rout in China spurred demand for haven assets amid a slump in commodity currencies.

Japan’s currency gained versus all of its 16 major peers. It advanced for a fifth day against the U.S. dollar, the longest winning streak since April, amid concern the turmoil in China will spread and slow global economic growth. The euro climbed by the most in three weeks amid speculation that Greece will reach an agreement with creditors this weekend.

The yen appreciated 1.6 percent to 120.64 per dollar at 12:17 p.m. New York time, extending its five-day gain to 2.1 percent. Japan’s currency strengthened 1 percent to 133.52 per euro. The euro rose 0.5 percent to $1.1067.

China’s Shanghai Composite Index tumbled as much as 8.2 percent, the most since 2007. A raft of measures by authorities to stabilize the market has so far failed to stop the slide as traders unwind margin bets at a record pace.

Source: Bloomberg