TOKYO (Reuters) – The yen hovered near its lowest level this year on Monday as more signs of stabilization in the Chinese economy and an upbeat start to the U.S. earnings season prompted investors to abandon the safe-haven currency to seek higher returns elsewhere.

Japanese 10,000 yen notes line up in Tokyo, in this February 28, 2013 picture illustration. REUTERS/Shohei Miyano/File Photo

The dollar stood at 112.02 yen, little changed on the day but near Friday’s high of 112.10, which was near its year-to-date peak of 112.135 touched in early March.

The safe-haven Swiss franc has also eased against the euro, which strengthened to 1.1340 franc, recovering its losses made late last month to hit a three-week high on the franc.

The common currency traded at