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Yen steadies after weakening past ¥113 overnight

Japan’s currency appeared to be finding its footing in early Asia trade on Tuesday after shedding half a per cent overnight.

The yen was trading flat at ¥113.26 against the dollar, coming off a Monday session that saw it push as strong as ¥112.40 only to backslide completely, ending the US session 0.5 per cent weaker.

Since hitting a recent peak against the dollar of ¥108.13 on April 17, the yen has weakened 4.7 per cent as market volatility has dissipated and investor confidence has returned. Wall Street’s favoured gauge of volatility, the Vix, fell another 7.8 per cent on Monday to close at 9.77, the lowest level for the year so far.