The yen has traded softer as a risk-on theme won out in pre-European open trade in Asia, where most of the region's main stocks indexes rebounded from early losses. Japan's Nikkei 225, for instance, closed with a 0.5% gain after showing a 1.6% loss at the intraday low. USD-JPY recouped above 113.50, putting in some distance from yesterday's post-ECB low at 112.61, which was seen when markets were flapping about Draghi's remark that he does not "not anticipate" further rate cuts. EUR-JPY edged out a fresh three-week peak at 126.89.
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