The Japanese yen is climbing as global markets go in risk-off mode

The Japanese yen is climbing.

The currency is up by 0.7% at 112.37 per dollar as of 7:56 a.m. ET.

Global markets are in risk-off mode, with the yen, gold, and US Treasurys rallying.

Betting on yen appreciation is popular during periods of heightened uncertainty.

Treasurys, considered the safest place investors can park their money, and gold, which is a traditional “end of the world” trade, are also often bought up aggressively by investors in times of stress.

US stock futures are declining, while major indexes across Europe and Asia are in the red.

As for the rest of the world, here's the scoreboard as of 7:59 a.m. ET:

The US Dollar index is down by 0.2% at 97.96. "The US dollar has drifted lower against most of the major curencies as the culmination of news from Washington, escalating already rising concerns about the economic agenda that was to bolster growth with dramatic tax reform, infrastructure initiative, and re-orienting trade," Marc Chandler, global head of currency strategy at Brown Brothers Harriman, wrote. The British pound is up by 0.4% at 1.2963 against the dollar after data from the Office for National Statistics showed that Britain's unemployment fell to a 42-year low of 4.6%. However, wage growth is falling. The euro is up by 0.3% at 1.1112 against the dollar. Data showed eurozone CPI rose 1.9% year-over-year in April, in line with expectations. The Russian ruble is down by 0.2% at 56.6776 per dollar, while Brent crude oil, the international benchmark, is up by 0.7% at $52.01 per barrel.