Dollar weakens against yen, rivals as investors turn skeptical about oil deal

The yen strengthened slightly against its rivals in mixed Asia trade Wednesday, as a bout of early-afternoon selling on Tokyo stocks boosted safe-haven demand for the Japanese currency.

The U.S. dollar USDJPY, -0.30%   was at ¥113.88 yen, after touching a high of ¥114.40 earlier in the session. That compared with ¥113.96 late Tuesday in New York.

Market sentiment was bruised as investors turned skeptical about any widespread deal on crude-oil output, dragging down oil prices. Russia, Saudi Arabia, Venezuela and Qatar agreed Tuesday to freeze crude-oil production, but the deal was thrown into doubt after Iran said it wouldn’t participate.

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