USD/JPY Back Above 102 as War Prospects Fade

The yen nursed heavy losses early on Wednesday, having suffered a vicious turnaround as safety demand faded after Russian President Vladimir Putin played down the prospect of a war in Ukraine.

The dollar jumped to 102.26 yen from Tuesday’s low of 101.40, while the euro climbed to 140.49 yen from 139.28. The move nearly reversed all the yen’s gains made over the previous two sessions.

The Australian dollar rallied nearly 1 percent to 91.52 yen , putting a one-month trough of 90.01 plumbed on Monday firmly in the rear-view mirror.


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