Yen recovers on dwindling vaccine hopes

On Friday, the Japanese yen recovered after investors’ focus shifted back to safe-haven currencies. This came after encouraging results from a coronavirus vaccine remain inadequate in alleviating the economic impact of a trying winter in the United States and Europe.

Against the dollar, the yen advanced 0.2% in Asia. The jump came to be the sharpest increase it had recorded since Monday’s crash. The yen plunged earlier this week after Pfizer announced that it successfully developed a coronavirus vaccine.

While there was an increase, the yen still placed below the dollar this week. This week’s session remained as its weakest in five months. In addition to this, its recovery and its softness against riskier currencies showed an intense level of market caution.