Yen climbs as risk appetite sours on oil output freeze

London

THE yen bounced back against the US dollar on Tuesday, as a modest recovery in risk appetite fizzled after top oil producers Saudi Arabia and Russia agreed to freeze - but not cut - output.

The US dollar had gained over one per cent against the safe-haven Japanese currency on Monday, and more than 3 per cent since hitting a 15-month low on Thursday, as investors' nerves were calmed a touch by a recovery in shares and oil prices.