The yen has held firm amid a moderate risk-off theme in Asia, where stock markets traded mostly lower after Wall Street's best-in-eight-weeks three-day rally came to an end. USD-JPY dipped to a four-day low at 112.71, while the equity market correlative AUD-JPY cross fell another 1%, roughly matching the magnitude of decline it saw yesterday. Both USD-JPY and AUD-JPY still remain comfortably above trend lows, while most of the main Asian equity indexes are still about 3% higher on the week despite today's declines. Oil prices are down about 1% but remain a good 20% or so above trend lows.
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