The yen held losses against most of its major counterparts as equities in Asia extended gains after monetary stimulus in China earlier this week brightened prospects for the world’s second-largest economy.

Japan’s currency remained lower against 14 of its 16 main peers after China’s central bank on Feb. 29 cut the amount of cash lenders must hold in reserve. Demand for the yen as a haven from turmoil in global markets saw it post a 7.5 percent advance against the dollar in February, its biggest gain since October 2008.

The yen was at 113.78 per dollar as of 9:12 a.m. in Tokyo on Wednesday, from 114.01 in New York, where it depreciated 1.2 percent. It was little changed at 123.78 per euro, after touching a three-year high of 122.09 on Tuesday.

Source: Bloomberg