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Currencies: Dollar rises as ISM services index bodes well for GDP growth

The yen flattened out against major rivals in Asia on Wednesday, after failing to maintain early afternoon gains prompted by a selloff in Tokyo stocks.

After staying above the ¥101-threshold from early in Tokyo trading hours, the greenback USDJPY, +0.24% quickly lost ground and hit a low of ¥100.75, as investors moved into the safety of the Japanese currency amid worsening risk sentiment. The benchmark Nikkei Stock Average NIK, -1.88% stretched its losses in the afternoon trade. It was down 1.7% midday.

But the U.S. dollar has since bounced to ¥100.92, compared with ¥100.90 late Tuesday in New York.

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