Dollar hovers above 15-month low against yen as Nikkei routed again

The yen was stronger against its rivals during Asia trade Wednesday, as another round of Tokyo stock selling dampened sentiment to induce buying of the safe-haven Japanese currency.

The U.S. currency weakened to as low as ¥114.25, just above its 15-month low of ¥114.20 set on Tuesday, before regaining slightly to ¥114.43. It was well below ¥115.01 late Tuesday in New York.

“This is just a continuation of the ongoing unstable market tend,” said Marito Ueda, director at FX Prime by GMO, referring to somewhat choppy trade during the Asia session.

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