Asian session: The Australian dollar dipped

The Australian dollar dipped 0.1 percent to $0.7250 , losing a some steam after rising sharply to a two-week high of $0.7300 the previous day on stronger-than-expected local first quarter GDP data.Asian stocks eased on Thursday after surveys showed global manufacturing activity and demand remain weak, while a jump in the yen sent Japan's Nikkei reeling more than 2 percent.

June 2 The yen sat on top of large gains against its peers early on Thursday after surging on risk aversion and disappointment over lack of clear policy guidance by Japan following a decision to delay a consumption tax hike.

The dollar was steady at 109.480 yen, having slid from a high of 110.830 overnight as a big drop in Tokyo stocks fuelled bids for the safe-haven currency.

The greenback, which had soared to a one-month high of 111.455 yen on Monday on expectations for an early U.S. rate hike, also took a big knock after Japanese Prime Minister Shinzo Abe announced on Wednesday that he was delaying a sales tax hike by two and a half years.

The euro lost 0.6 percent versus the yen on Wednesday and last traded at 122.50, while the Australian dollar retreated 0.7 percent against the yen overnight.

Worries about whether Britain will vote to stay in the European Union or not later this month also buoyed the yen, although the Japanese currency did give back some its big gains against the dollar late Wednesday on the stronger-than-expected Institute for Supply Management (ISM) U.S. factory activity numbers.

The dollar will await the U.S. May ADP private employment report due later in the day for potential relief, with the report often seen providing clues to the all-important non-farm payrolls data scheduled for release on Friday.

EUR / USD: during the Asian session, the pair is trading in the range of $ 1.1190-1.1210

GBP / USD: during the Asian session, the pair was trading in the $ 1.4415-40

USD / JPY: during the Asian session, the pair is trading in the range of $ 108.80-109.50

Based on Reuters materials