The yen held onto sizable gains early on Tuesday, having staged a broad short-covering rally as a big drop in oil prices hit global risk appetite.
Both the dollar and euro fell from multi-year peaks with the greenback sliding to 120.67 yen, from a high of 121.86. The common currency retreated to 148.59 yen from 149.79.
Commodity currencies were hit particularly hard. The Australian dollar fell to 99.79 yen reaching a low last seen on Nov. 11. It has since drifted back to 100.08 yen.
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