Dollar above ¥114 as investors shun safer havens like the yen

The dollar remained steady against the yen in Asia trade Tuesday, with the strength in Asian stocks clearing up market sentiment to invite selling of haven assets.

The U.S. dollar USDJPY, -0.12%  was at ¥114.54 after reaching as high as ¥114.87 earlier in the Asia session. They are higher than ¥114.58 late Monday in New York.

With investors still feeling the heat from yesterday’s Tokyo stocks rally, higher commodities prices and robust gains in Asian shares helped brighten the mood, prompting investors to sell the perceived safety of the Japanese currency.

In Tokyo, the Nikkei Stock Average NIK, +0.20%  rose 0.2% to 16,054.43 midday after soaring 7.2% Monday. The Shanghai Composite Index SHCOMP, +3.16%  was recently 3.2% higher at 2833.30.

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