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The yen, known for its safe haven status, performed better on Tuesday than the other main currencies, eventually convincing investors to look at the yen, especially after another drop in stocks in Tokyo.
USD/JPY dropped 0.8% to 110.41 while it stood at 111.37 late on Monday in NY.
The Nikkei Stock Average benchmark fell by 2.4% due to decreasing oil prices and expectations of negative interest rates. This move immediately increased demand for the yen.
The ICE U.S. Dollar Index (DXY) that shows the dollar’s performance again other rival currencies slightly rose to 94.74, so the dollar remained stable. In overnight action, ... (read more)