The yen nursed broad losses early on Wednesday as investors sold the Japanese currency in a precautionary move against any further policy easing by the Bank of Japan.
The BoJ is under growing pressure to increase its already massive stimulus program as slumping oil prices drag inflation away from its 2 percent target.
The dollar rose as far as 118.87 yen overnight, tearing away from a one-month trough of 115.85 set recently. Still, it remained well below a seven-year peak of 121.86 scaled last month.
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