Yen rose on Wednesday for the second straight session as haven demand edged up in the markets due to fears of a global trade war.
USD/JPY fell to 105.71 from the opening of 106.11, with an intraday low at 105.45, and a high at 106.18.
Dollar declined against a basket of major rivals after US president Trump’s economic adviser Gary Kohen resigned from the administration after losing his private battle against imposing tariffs, rekindling fears that the US is willing to risk a trade war.
As the stock market dithers, the yen is sneaking up today ahead of Bank of Japan’s meeting later this week.
Markets also await the European Central Bank’e meeting and the US payrolls report later this week, both events that have a big impact on markets.