Yen inches up as markets stay cautious

London

THE yen gained against the euro and US dollar on Thursday as a rebound in oil prices and European stock markets failed to convince currency markets that the rough start to 2016 was over.

Sterling gained more than half a per cent on positive signs ahead of "now or never" EU talks aimed at reaching a deal with Britain that will help keep it in the 28-country bloc in a referendum later this year.

The Australian dollar recovered most of the losses it incurred after weak employment data bolstered the case for more interest rate cuts there, w…