Japanese Yen Extends Upward Rally versus Dollar As Global Shares Tumble

Japanese Yen extended its gains versus its American counterpart in Asian trading session on Wednesday amidst declines in global stock markets which were spurred by U.S. politic turmoil.

The Yen added 0.5 percent in early trade after having jump 0.6 percent on Tuesday as investors flocked into safe-haven assets. MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.5 percent with Japan’s Nikkei .N225, Australia’s S&P/ASX 200 Index, South Korea’s Kospi index and Singapore’s Straits Times index all declining.

Contracts on the S&P 500 Index also found themselves in a downtrend in Asia on the back of reports that U.S. President Donald Trump asked FBI Director James Comey to end a probe into former National Security Adviser Michael Flynn. The U.S. equities and the greenback had already been in negative territory after a report alleging the president to share terrorism intelligence with Russian officials.

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