(Reuters) - The yen steadied on Friday after making broad gains in the previous session, as investors trimmed short positions on caution that falls in Asian stocks following a pullback in U.S. equity markets could prompt more risk-cutting.
If investors see severe pullbacks in global equity markets, traders said, they may decide to cut risky positions such as carry trades, in which low-yielding currencies like the yen are used to fund investment in high-yielding currencies and assets.
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