The safe-haven yen traded at 104.49 per dollar, having slipped about 0.6% overnight. The U.S. dollar, which tends to weaken against riskier, less liquid currencies on positive market sentiment, also flirted near 12-week lows, though it has managed to find some technical support.
TOKYO: The yen was on the back foot while riskier currencies were supported on Tuesday on rising optimism following news U.S. President-elect Joe Biden is expected to tap former Federal Reserve Chair Janet Yellen as U.S. Treasury Secretary.
Also underpinning the risk-on mood, President Donald Trump gave the head of the General Services Administration the go-ahead to proceed with a transition for Biden's administration despite plans to continue with legal challenges.
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