NEW YORK (Reuters) - The dollar briefly rose against the yen on Friday, reversing earlier losses, as U.S. stocks cut losses following a more than 7 percent at the opening bell.
The dollar rose to 99.65 yen, up from around 99 yen, before easing back to 99.35 yen. Earlier in the global session, it fell as low as 97.92 yen, according to Reuters data.
"We're seeing U.S. stocks trimming their losses and that's helped dollar-yen," said David Watt, senior currency strategist, at RBC Capital Markets in Toronto. "I don't think the stock market is doing it by itself, though, and it seems it is expecting another global response."
Persistently tight credit conditions despite a raft of efforts by policy-makers worldwide to unlock lending has stoked investor fears and has led to extremely volatile trading across financial markets.
(Reporting by Steven C. Johnson; Editing by Tom Hals)
