In early Asian trade on Wednesday, the U.S. dollar weakened, retreating from a week's high against the yen following a significant drop in gold prices. Gold plunged 2.9% to $4,003.39, erasing its recent gains, which have been the largest in almost 50 years.

The yen strengthened against the dollar, aided by positive Japanese export data and political developments as Sanae Takaichi vies for Japan's prime ministership. This month, the yen lost 2.5% against the dollar, marking its largest decline since July.

Global markets continue to experience heightened volatility, with cryptocurrencies and U.S. regional banks affected, alongside precious metals. The Federal Reserve's anticipated interest rate cuts could further influence currency stability, while geopolitical uncertainties add to market

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