Yen gives up gains as oil prices, Europe markets rise

London

THE yen gave up gains on Wednesday as oil prices and stock markets in Europe ticked higher, removing some of the appeal of the safe-haven Japanese currency.

Earlier, the yen had strengthened as Asian stock markets fell and oil prices slipped. In addition, China fixed a softer mid-point for the onshore yuan, a factor that weighed on riskier emerging market currencies and growth-linked currencies such as the Australian dollar.