Hot Now: Dollar slips

SINGAPORE: The dollar slipped versus the yen on Friday, hampered by renewed investor concerns over the Trump administration´s ability to push forward its economic policy agenda.

The dollar fell 0.2 percent to 109.33 yen, pulling further away from this week´s high of 110.95 yen that had been set on Wednesday. Analysts said the yen, which is regarded as a safe haven in times of financial market turbulence, could add to its gains if global equities fall further, in the wake of a selloff in U.S. shares on Thursday.

The yen often comes into favour in times of market stress, partly due to the notion that Japanese investors might eventually repatriate their overseas assets if such market turmoil persists.

"If we do get another one or two weeks of risk-off, I would expect yen to be on the stronger side," said Tan Teck Leng, forex analyst for UBS Wealth Management in Singapore.

Escalating worries about the Trump administration´s ability to push through its economic agenda have rattled investors this week.

On Thursday, the U.S. S&P 500 slid 1.5 percent for its biggest daily percentage drop in three months.