The dollar edged down against the yen but gained on most other rivals in Asian trading Wednesday.
The dollar was buying 93.56 yen, 93.68 yen in late North American trading on Tuesday.
"Since the start of the financial crisis of 2007 there has only been one trade across all the capital markets -- risk on or risk off. As equities collapsed, the dollar and the yen gained while the euro, the pound and the Aussie along with oil and gold declined," said Boris Schlossberg, director of currency research at GFT.
"As the recovery trade took hold the process has reversed and all the risk currencies have marched almost lock in step with equity prices," he said in emailed comments.
The dollar index (DXY), which tracks the greenback against a trade-weighted basket of six major currencies, was at 79.011, up from 78.920 late Tuesday.
The euro was buying $1.4187, down from $1.4197 late Tuesday, and the British pound changed hands at $1.6329, down from $1.6431.
