Negative Japanese policy rates may be working their magic on bonds but not on the yen, which is climbing as a renewed selloff in crude oil makes investors risk-averse.

The yen gained 0.2 percent to 119.74 per dollar as of 9:49 a.m. in Tokyo, taking to 1.1 percent its advance this week after the BOJ’s Jan. 29 announcement drove a 1.9 percent drop, the biggest in more than a year. It rose 0.1 percent to 130.82 per euro, following a 0.6 percent climb Tuesday. Europe’s common currency was little changed at $1.0925.

Japan’s currency advanced 0.5 percent to 84.01 per Aussie and 0.4 percent to 84.99 yen per Canadian dollar. Both commodity currencies dropped at least 1.6 percent versus the yen in New York as stocks tumbled and oil futures fell back below $30 a barrel.

Source : Bloomberg