The yen gave some ground to the U.S. dollar in early Asian trading today, with the USD gaining 0.5% against the Japanese currency and pushing back above 88.00. USD/JPY had earlier dropped sharply to a 7-month low below 87.00 Thursday. The yen also fell against the EUR as Asian Equity markets rose, boosting demand for riskier assets.
The yen weakened against 11 of its 16 major counterparts. The yen fell to 110.10 per EUR from 109.74 in New York yesterday. It slid to 88.05 per USD from 87.60 yesterday, when it climbed to 86.97, the highest level since Dec. 2.
Markets today are awaiting the release of the U.S Non Farm Data. A worse than expected result will likely benefit the yen as it is perceived as a safe heaven currency and tends to benefit in times of financial uncertainty.