The yen held firm as oil prices softened amid Saudi oil minister ruling out a deal with major oil producing nations to cut supply. The decline in oil prices, with Brent crude down by over 1.5% presently, extending yesterday's fall, tipped Wall Street lower, sparking demand in currency markets for the haven yen that in turn exacerbated the plight of Japanese stocks. The Nikkei 225 index closed 0.9% in the red, and most Asian bourses have similarly traded lower, Australia's ASX 200 being an underachiever with a 2.1% closing loss.
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