Yen firmness was the main show in town in pre-London trade in Asia with the currency rebounding from a two-day losing streak. USD-JPY fell to a two-day low of 106.72 and EUR-JPY a two-day low at 121.33. Stock markets in Asia were choppy, with many bourses rebounding from earlier losses. Data out of Asia were mixed. Chinese trade showed a below-forecast surplus on the back of strong imports, which was ultimately taken as a good sign for regional growth prospects. Japanese Q1 GDP was revised to 1.9% y/y growth, matching expectations and up from the preliminary 1.7% estimate.
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