Currencies: Dollar at 4-month low against yen as stocks remain vulnerable

The dollar dropped to four-month lows against its Japanese counterpart Wednesday, feeling the fallout of risk-aversion from a deepening U.S. stock market retreat.

Meanwhile, the euro paused its advance against the dollar but clung to nearly seven-week highs.

Against its Japanese counterpart, the dollar USDJPY, -0.43% was off 0.4% at ¥111.670 after earlier plumbing ¥111.430, its lowest since Nov. 28.

“The Japanese yen outperformed as stocks slumped … offering a lift to the standby anti-risk currency,” said Ilya Spivak, currency analyst at DailyFX. “A near-empty European data docket and a decidedly underwhelming one in the U.S. may keep risk trends at the forefront.

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