WORLD FOREX:Dollar Up Vs Yen As Japan Funds

TOKYO (Dow Jones)--The dollar rose against the yen in Asia Wednesday as Japanese pension funds and importers bought the U.S. unit amid a lull in the flow of negative news about Japan's stricken nuclear power plant.

Japanese investors snapped up the U.S. currency after it fell in the morning session to Y83.50, close to its 200-day moving average, said Tomohiro Nishida, a senior dealer at Chuo Mitsui Trust ...

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Spanish 10-year yields have fallen to 5.18 percent on Tuesday from a recent high of 5.55 percent on March 10.

The yen and Swiss franc were the two other big movers of the day, rising after Japan's nuclear situation worsened and Alcoa missed revenue estimates, prompting investors to sell risky assets funded by the two low-yielding currencies.

Gains in both the yen and Swiss franc, were likely to be short-lived as demand for so-called carry trades financed by those two units may pick up again should the situation in Japan improve.

The yen rose for a fourth straight session, partly retracing 10 consecutive days of losses versus the U.S. dollar. The Swiss franc also advanced for a fourth straight day.

The initial sell-off in risk was prompted by Japan's Nuclear Safety Agency raising the severity rating of the Fukushima accident to level 7 -- the highest classification and the same as the world's worst nuclear disaster at Chernobyl in 1986. [ID:nL3E7FB2TZ].