Yen edged higher against its major counterparts Tuesday as a fall in most Asian stocks prompted investors toward the safe-haven yen.
The dollar and the yen are viewed as safe-haven currencies and both currencies gain, when investors turn risk averse and fall when risk appetite improves.
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Asian stock markets were mostly lower today despite improvement in U.S. manufacturing as doubts lingered about the durability of a rebound in the world's largest economy.
Against the US dollar, the Japanese yen traded higher during early deals on Tuesday. the yen reached a high of 90.09 against the dollar, compared to 90.23 hit late New York Monday.
The Japanese unit that closed Monday's North American session at 133.32 against the European currency climbed to 132.94 Tuesday. The euro-yen pair is currently trading at 133.10 with 132.3 seen as the next target level.
The yen rose to 147.18 against the pound, compared to Monday's closing value of 148.06. If the yen gains further, 144.5 is seen as the next target level.
The yen that closed Monday's New York deals at 88.35 against the Swiss franc hit a high of 88.04 Tuesday. On the upside, 87.2 is seen as the next target level for the Japanese yen.
