Yen hammers away at dollar as investors go looking for safety again

The yen strengthened against its rivals during Asia trade Wednesday after oil prices touched a new 12-year low, damping market sentiment and leading investors to seek the perceived safety of the Japanese currency.

The dollar USDJPY, -0.75%  weakened to ¥116.65 from ¥117.57 late Tuesday in New York.

The oil price decline, which hit U.S. stocks overnight, has also translated into an Asian stocks selloff. After the lunch break, Tokyo stocks acquired a further downside bias given yet another decline in oil prices during the Asia session. Light, sweet crude futures on the New York Mercantile Exchange for delivery in February CLG6, -3.30%  sank below $28 a barrel.

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