The yen strengthened against its rival currencies in Asia trade Tuesday, as slumping Asian stocks and weak China trade data prompted investors to buy the safety of the Japanese currency.
The greenback USDJPY, -0.34% was at ¥119.84, compared with ¥120.00 late Monday in New York. The U.S. currency was biased lower against the yen, as China trade data helped weaken the Australian dollar, considered a risk-sensitive currency, against the Japanese currency.
China’s imports and exports fell in September, in a sign of continued headwinds for the world’s second-largest economy.
With a steep 18% fall in China imports in yuan terms worsening appetite for risk, the Australian dollar AUDJPY, -1.20% fell to ¥87.70 midday from ¥88.37 late Monday.
