The yen has firmed as risk-on turned risk-off during pre-European open trade in Asia. USD-JPY retreated back under 109.00, leaving a low of 108.83 but remaining above yesterday's low and comfortably above Monday's low at 107.83 and last week's 17-month nadir at 107.63. Yen crosses also posted similar retreats. EUR-USD, meanwhile, held a narrow range in the mid-to-upper 113s. The commodity currencies underperformed, though remained above respective lows from yesterday.
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