The Japanese yen climbed on Wednesday against the world's reserve currency and the common currency of the European Union, according to Bloomberg.
Concerns about the pace of growth in Asia spurred the yen's climb. A keen focus is training on China as the Asian nation is scheduled to release economic data about retail sales and factory output on Thursday.
"China seems to be slowing down and the Russian economy seems to be facing pressure as stock prices there have fallen sharply. That could slow emerging economies further," forex manager Takako Masai with Shinsei Bank in Tokyo told Reuters on Wednesday. "There is real concern about the global economy at the moment, even if some short-term players may be thinking that the impact of the Ukraine crisis will gradually subside."
The yen moderately rose roughly 0.1 percent against the U.S. dollar on Wednesday after having gained 0.2 percent on Tuesday against the greenback. The yen marked an increase of 0.2 percent against the euro on Wednesday.
The performance of the yen benefited from the standoff between Russia and Ukraine after the leader of Ukraine was forced from office last month, according to Reuters.
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