The Japanese yen held onto recent gains on Wednesday as worries about a global economic downturn encouraged investors to buy the safe-haven currency, while broader forex markets were largely quiet as investors watched from the sidelines.
Two-year U.S. government bond yields rose further above 10-year yields, a deepening of the so-called inversion of the yield curve that many see as a harbinger of a recession. Investors worry the trade conflict between the United States and China could tip the world into an economic slowdown.
The yen stood at 105.765 yen per dollar, unchanged on the day but close to the 7-month high of 104.46 yen hit on Monday.
Analysts said the dollar's recent strength also looked overdone.
Source : Reuters