Dollar hits three-week low against yen as Nikkei tumbles

The yen was stronger against its rival currencies in Asian trade Tuesday, hitting a three-week high against the dollar, with yet another decline in the Tokyo stocks prompting buying in the Japanese currency.

The U.S. dollar USDJPY, -0.69%  slid to ¥110.78, its lowest level since March 17, before regaining slightly to ¥110.85. That compared with ¥111.37 late Monday in New York.

Amid deteriorating corporate sentiment in Japan and oil price weakness, the benchmark Nikkei Stock Average NIK, -2.42%   lost ground, boosting demand for safe-haven assets such as the yen. The benchmark was down 2.0% at midday, on track to end lower.

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