The US dollar fell against the yen after the largest strengthening against the Japanese currency in almost 7 years at the end of the previous session.

Demand for safe haven assets is rising again amid a continuing increase in cases of COVID-19 coronavirus worldwide, and a lack of specifics about U.S. plans to support the economy.

On the eve of the dollar soared in price by 3.2% against the yen - the highest rate since 2013- thanks to the promises of us President Donald Trump to pass through Congress a number of measures that will limit the negative effects of the coronavirus epidemic on the American economy.

On Tuesday, Trump met with Republican senators to discuss his initiative to lower the payroll tax, as well as introducing targeted measures to support tourism along with other possible steps to boost economic growth. Trump would like the payroll tax holiday to be in effect until the end of the country's presidential election in November this year.

At the end of the meeting, Trump acknowledged that there is no consensus on how to act, but expressed confidence that the US economy will cope with the current difficulties.

The focus of traders ' attention is the meeting of the European Central Bank (ECB), which will be held on Thursday. Italian Prime Minister Giuseppe Conte called on the ECB to support the economy, a source in the EU leadership said. Experts, however, do not expect a change in the ECB's key interest rates on March 12.