Yen slides, high-yielding FX up as stocks gain

       The yen slipped yesterday,while higher-yielding currencies crept up as a recovery in global shares and oil prices stoked some risk appetite in summer holiday-thinned trade.
       Chinese shares stormed higher, clawing back from a sell-off in the past two weeks and helping to prod European shares up in early trade. This calmed risk aversion to the detriment of the Japanese currency, which tends to flourish when demand for higher-risk assets falls.
       "We had a comeback in equities in Asia overnight ... that has eased some of the tensions that have seen the yen in par ticular do well," said Chris Gothard, currency strategist at Brown Brothers Harriman in London.
       Still, he added that gains in currencies considered to be higher-risk including the Australian and New Zealand dollars have been limited, as traders needed further convincing that the risk rally in past months is sustainable.
       By 0904 GMT, the ye n was down across the board, taking the dollar up 0.3% on the day to 94.38 yen. It recovered from a one-month low of 93.66 yen hit on Wednesday.
       The high-yielding Australian and New Zealand currencies each rose around 0.5% against the yen, while edging up around 0.2% against the dollar.
       The euro was little changed on the day at $1.4220.
       Currency traders took cues from a 4.5% gain in the Shanghai index yesterday, which helped to pull European shares up 1.3% in early E uropean trade.