Greenback hits two-week peak vs. yen
On Tuesday, the Japanese yen was weaker against its key counterparts during Asia trade, dipping as much as 0.7% against the greenback, with market participants moving away from the preferred safety of the Japanese yen on profits in riskier assets, including oil and stocks.
The greenback was trading at ¥102.06 having reached as high as ¥102.39 earlier in the trading session, its highest value since September 21. The major American currency traded at ¥101.66 late on Monday in New York.
The evergreen buck advanced to test its upside against the Japanese yen from earlier in Asia session, tracking overnight revenues on a rebound in the American manufacturing sector in September, as follows from a report from the Institute for Supply Management.
Asian stocks also surged after American crude prices ascended to a three-month peak overnight. The benchmark Nikkei Stock Average acquired 0.9% midday, thus prompting selling of the perceived safety of the yen.