The dollar retook some lost ground on Tuesday as investors covered short positions in anticipation of potentially strong retail sales data, while the yen sagged on a media report Japanese Prime Minister Shinzo Abe is considering a corporate tax cut.
The dollar rose 0.3 percent to fetch 97.23 yen, extending its rebound from a seven-week low of 95.81 touched last Thursday.
The catalyst for the early move in Asia was centered on a report by Japanese business daily Nikkei that Abe is considering a corporate tax cut as a way to offset the potential economic drag of a planned two-stage hike in the sales tax.
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