The yen got off to a weak start in Asia on Wednesday having retreated from multi-month highs as emerging markets stabilized and stocks rebounded, while the Australian dollar took a breather following a powerful rally.
The U.S. dollar bounced to 101.63 yen, while the euro climbed to 137.33 yen, both pulling away from 11-week lows of 100.75 and 136.25 respectively.
But analysts at BNP Paribas remained cautious about re-entering long dollar/yen positions, instead preferring to wait for further signs of stabilization in the risk environment.
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