The yen strengthened against the US dollar in early Asian trade today on safe-haven demand as rising cases of COVID-19 sparked concerns of a second wave of the virus and dampened hopes of a swift global economic recovery. According to reports, new coronavirus cases hit record highs in six US states, Arizona, Florida, Oklahoma, Oregon, Texas and Nevada, on Tuesday. This comes as most states are planning to reopen their economies.The US now has more than 2.1 mln confirmed cases and close to 117,713 deaths, according to data compiled by Johns Hopkins University.In China, Beijing has cancelled scores of flights and put restrictions on some neighbourhoods to contain a coronavirus outbreak.This comes after reports that Beijing has raised its COVID-19 emergency response level to II from III after more than 100 new cases.Investors are also closely monitoring geopolitical tensions between India and China. On Wednesday, India said the two countries have agreed to not take any action to escalate matters after the violent face-off between troops on the Line of Actual Control in Galwan Valley on Monday.