The yen has hit a fresh four-month high against the dollar, passing 111.3 per dollar for the first time since November 23 as the biggest wobble in the Trump Trade so far boosts the typical beneficiaries from a shift to haven assets.

At publication time the currency had gained 0.3 per cent for the day, having extended its overnight gains to hit a high of 111.25 per dollar.

That’s a little awkward for Japan, which earlier today reported that a weak yen helped boost its trade surplus in February after it was in deficit for most of last year.

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