Dollar higher against yen

The dollar was higher against the yen in Asia trade Wednesday, as a strong appetite for dip buying among Japanese importers sent the US currency up from a three-week low earlier in the session. The dollar USDJPY, +0.31% were recently at ¥108.37 from ¥108.02 late Tuesday in New York. The greenback weakened to as low as ¥107.75, its lowest since Sept. 17, in early morning trade, reflecting increased risk aversion following the International Monetary Fund’s downgrading of its outlook for global economic growth. The overnight fall prompted importers to buy the cheaper dollar on dips for use in settlements of commercial transactions. Still, market participants say the greenback remains in an adjustment phase following the recent rally that pushed the currency to a six-year high of ¥110.09 earlier this month. In other currency trade pair, the euro EURUSD, -0.27% was at $1.2633 from $1.2670. The common currency was at Y136.91, compared with Y136.88. The WSJ Dollar Index BUXX, +0.13% a measure of the dollar against a basket of major currencies, were up 0.29% at 77.80, according to marketwatch.com