LONDON: The yen gained strength against the dollar and the euro in Asia market on Wednesday amid sharp selloff in Japanese market.
The dollar USDJPY, -0.46% was at ¥118.79 from ¥119.61 late Tuesday in New York. The greenback briefly fell as low as ¥117.90 in New York overnight as risk aversion stemming from China’s tighter collateral policy and political instability in Greece prompted investors to sell shares and shift to perceived safer assets such as the yen. The euro EURJPY, -0.49% was at ¥147.18 from ¥147.98.
The U.S. dollar stayed above ¥119 for most of the Asian session, with investors wary about the stock market especially in China after the market took a tumble there Tuesday.
“Everybody is watching Shanghai shares,” said Michiyoshi Kato, senior vice president of forex sales at Mizuho Bank.
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