The yen was broadly firmer early on Wednesday as demand for the safe-haven currency picked up after disappointing Chinese trade data took the wind out of a global risk rally.
The dollar last stood at 112.67 yen JPY=, having slid 0.7 percent, while the euro flirted with 124.00 yen EURJPY=R, well off Friday's high of 125.585.
The Australian dollar dipped under 84.00 yen AUDJPY=R, pulling further from a one-month high of 85.00 set on Monday.
European and U.S. stocks fell overnight while many commodities came under pressure after China's exports tumbled by the most in over six years last month.
The data highlighted risks facing the global economy, bolstering expectations for dovish outcomes at central bank policy reviews in Europe and New Zealand on Thursday.
The European Central Bank is considered almost certain to ease, but no one quite dares to position for bold action given the ECB has disappointed before.
Still, the euro has struggled to perform with the threat of ECB policy action looming. The common currency last stood at $1.1010 EUR=, having briefly dipped below $1.1000 overnight.
Collective action is needed to boost the global economy, with volatile financial markets and low commodity prices creating fresh concerns about its health, the first deputy managing director of the International Monetary Fund (IMF) said on Tuesday.
In a speech in Washington D.C. and subsequent interview with CNBC, David Lipton said dangers to the world economy had risen since the IMF downgraded its 2016 growth forecast to 3.4 percent in January.
Oil prices fell 3 percent on Tuesday, ending six days of gains for benchmark Brent crude, as Goldman Sachs suggested the rally was unsustainable and industry data showed U.S. stockpiles reached record highs again last week.
Brent LCOc1 settled down $1.19, or 2.9 percent, at $39.65 a barrel after hitting a 2016 high of $41.48 during the session. Despite the day's decline, it was up 46 percent from a 12-year low of $27.10 struck on Jan. 20.
U.S. crude CLc1 closed down $1.40, or 3.7 percent, at $36.50, after rallying earlier to a three-month high of $38.39.
Reference: Reuters, CNBC
Thai
Eng