Yen higher across the board on risk aversion (Reuters) (09-03-2010)

LONDON, March 9 (Reuters) The yen gained broadly on Tuesday as equity markets fell, prompting a pullback in risk trades and a move into the low-yielding Japanese currency.

Risk appetite had been boosted by Friday's better-than-expected U.S. employment report, pushing the yen down to two-week lows versus the euro and the dollar.

But a pullback in global equity markets on Tuesday had prompted a reversal of fortunes for the yen.

At 1217 GMT, dollar/yen was trading down 0.6 percent at 89.75 yen. The euro fell over 1 percent versus the yen to trade at 121.73 yen. Higher-yielding currencies such as the Australian dollar were also down against the Japanese currency. Aussie/yen slipped 0.7 percent to 81.38 yen.

The pound was under widespread pressure, dropping to a one-week low versus the dollar after UK ratings agency Fitch said Britain's sovereign credit profile had deteriorated.

Source: Reuters