Japan’s yen fell to its weakest level against the dollar in more than a month on Tuesday as dissipating investor anxiety undermined demand for havens.

The yen briefly touched the ¥112-per-dollar mark early in the European morning session on Tuesday for the first time since March 31, walking back a rally during the intervening period that had seen it push as strong as ¥108.13 on April 17.

The yen also managed to hit its weakest level against the euro since March 14, touching an intraday low of ¥122.63 against the single currency.

The walk-back comes as demand for havens has waned in the face of greater optimism from investors. On Monday Wall Street’s preferred fear gauge, the Vix, fell to its lowest close since February 2007, at one point dipping below the 10-point mark for the second time this year.

All that said, the yen is still about 4.3 per cent stronger against the dollar in the year to date.

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