Dollar gains stalled as investors seek safety after steep drop in oil prices

The dollar was weaker against the yen during Asia trade Tuesday, as a decline in oil prices overnight capped gains in the greenback.

The U.S. currency USDJPY, -0.33%  retreated to as low as ¥120.53 before regaining slightly to ¥120.61. That compares with ¥121.01 late Monday in New York.

Enthusiasm over the Bank of Japan’s surprise decision Friday to introduce the nation’s first negative interest rates had pushed up the dollar. But investors sold off the dollar after the steep fall in oil prices overnight as they sought refuge in the yen’s safe-haven status.

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