Yen rose in Asian trade on Thursday after four sessions of losses, even as the dollar hit one-week highs, weighing on currencies and commodities.
USD/JPY fell to 107.33 from the opening of 107.76, with an intraday low at 107.14, and a high at 107.76.
The Federal Reserve’s minutes underpinned the dollar amid expectations of four rate hikes this year, while US treasury bond yields rose as investors shun stocks.
Yen rose in reaction to higher government yields as investors seek refuge from lower stocks.
US interest rate hike would raise borrowing costs for business, in turn hurting stocks and underpinning yen as a safe haven.
Risk aversion is evident by yen’s advance despite gains made by the dollar index today, as markets go through mild volatility this week.