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Yen Advances Against US Dollar

The Japanese yen traded higher against its US counterparts during late New York trading from previous session's downtrend on Wednesday.

During Asian and early European trading on Wednesday, the yen exhibited a choppy trading against the greenback as the stock markets across the Asia-Pacific region and the European region were turned in a mixed performance. While Japan's Nikkei 225 Index ended the day down by 0.6 percent, China's Shanghai Composite Index crept up by 0.1 percent.

The pair closed today's Asian session at 83.73.

The Japanese currency edged down against the dollar in today's early New York deals and fell to a 6-day low of 84.11 by about 8:00 am ET. Thereafter, the pair sharply reversed its direction and climbed to a 2-day high of 83.31 at around 4:25 pm ET.

At present, the yen is trading near 83.40 versus the greenback, compared to Wednesday's European session close of 83.81.

Traders are likely to keep a close eye on the release of Merchandise Trade Balance report for the Month of February in the upcoming Asian session on Thursday.

by RTTNews Staff Writer

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