Japan's currency gained against 15 of its 16 major counterparts Tuesday, gaining broadly against the Dollar. Both the Yen and Dollar are popular funding currencies in carry trades in which these currencies are used by investors to buy equities and higher yielding currencies. As investors unwind these trades, the Yen tends to benefit against the greenback.

Japanese shipments abroad dropped 23.2% in October, compared with a 30.6% decline in September, beating economists' expectations for a 26.8% decline. The renewed demand was fueled by demand from China and other emerging markets. Japan's economy expanded at the fastest pace in more than two years in the third quarter, with the expansion driven by gains from exports.