Yen Advances as Risk Appetite Ebbs on Chinese Data; Pound Drops

The yen gained versus 10 of its 16 major peers as appetite for riskier assets cooled after China reported the biggest trade deficit in two years and the slowest rise in consumer prices in 13 months.

Sterling fell as Bank of England Deputy Governor Charlie Bean said further strength in the currency may hamper the U.K.’s economic recovery. Australia’s dollar dropped against most major peers after China, the nation’s biggest trade partner, said March 8 exports slid. Ukraine began military drills as Russian forces tightened their hold on the Crimean peninsula. A gauge of foreign-exchange volatility was at almost the lowest since 2012.