TOKYO: The Japanese yen climbed against major peers on Tuesday as a slump in China's exports offered dealers more evidence of a slowdown in the world economy.
The dollar briefly touched 112.75 yen, its weakest level in a week against Japan's currency -- a perceived safe haven in times of turmoil -- before the release of Chinese data showing in-bound and out-bound trade plunged more than analysts expected.
Exports from the world's second-largest economy slumped more than 25 percent year-on-year in February to $126.1 billion, while imports were down by nearly 14 percent to $93.6 billion.
In Tokyo, the greenback slipped to 113.03 yen in mid-afternoon trade on Tuesday from 113.41 yen late Monday in New York.
The euro eased to 124.56 yen from 124.90 yen in US trade, while rising to $1.1018 from $1.1013.
Traders are keenly anticipating Thursday's policy meeting of the European Central Bank -- the first major central bank to meet this month.
The ECB meeting is expected to result in new stimulus measures for the 19-nation eurozone that could include another interest rate cut or new spending on bond-buying.
Emerging currencies broadly retreated against the dollar, with investors cautious about prospects for the world economy.
"Global challenges remain in place for emerging markets," Vishnu Varathan, a Singapore-based economist at Mizuho Bank, told Bloomberg News.
The Indonesian rupiah fell 0.34 percent against the US unit, while Singapore's dollar eased 0.38 percent and the South Korean won lost 0.39 percent.
The oil-linked Malaysian ringgit, Taiwan's dollar, the Thai baht and Philippine peso also lost ground against the US dollar.
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