Yen Rises and Dollar Falls After Financial Market Stabilization

The dollar declined for the second consecutive day against major currencies on Tuesday, as easing fears of a widespread banking crisis reduced demand for safe-haven assets. The yen rose strongly, despite traditionally being a safe-haven currency, recovering losses from the previous night, with analysts pointing to inflows related to the end of the fiscal year in the country on Friday. Australian and New Zealand dollars also jumped, with the Australian dollar receiving additional support from better-than-expected real estate sales data. The dollar index, which measures the U.S. currency's performance against six major currencies including the yen, fell 0.16% to 102.59 during Asian trading, continuing its losses of 0.35% on Monday. The U.S. currency plunged to 130.505 yen during the session and was last traded down 0.71% at 130.64, giving up gains of 0.64% from the previous session. The euro rose 0.1% to $1.0809 while the pound increased 0.23% to $1.2315. The Australian dollar gained 0.53% to $0.6686 and the New Zealand dollar rose 0.49% to $0.62265.