Yen hits five-week trough

Yen tumbled to the lowest in five weeks on Tuesday as the dollar regained footing, while haven demand subsidized in the markets, heaping pressure on the Japanese currency. 

USD/JPY fell to 111.65 from the opening of 111.89, with an intraday low at 111.61, and a high at 112.08. 

Japan's stock indices surged to two-year highs, weighing on the local currency as investors head for the stock market and riskier assets. 

The dollar on the other hand managed to steady up so far this week despite weak US data yesterday, in turn nudging the yen down. 

Haven demand has fallen overall in the markets while risk appetite recovered noticeably this week, as traders now await various statements from policymakers this week.