The safe-haven yen surged across the board on Wednesday, while sterling plummeted to a 31-year low on mounting worries about the broader impact Britain's vote to leave the European Union would have on the global economy.
The yen soared to a 3-1/2 year high against the British pound, and climbed to two-week peaks versus the dollar and euro.
Sterling underperformed once again, falling below $1.28 against the dollar for the first time since 1985, as fears of foreign outflows and Bank of England rate cuts hit the currency hard. It recovered from those lows, but was still down 0.8 percent at $1.2918.
Fears of contagion intensified after three UK property funds stopped redemptions, which sent investors scurrying into the safety of government bonds. The benchmark 10-year Treasury yield sank to a record low of 1.3210 percent on Wednesday while German Bund 10-year yields went deeper into negative territory.