Most major Asian indices erased initial gains and turned into the negative territory this Tuesday after a renewed bout of risk-aversion gripped markets, following the resumption of the downtrend in the oil prices. Nikkei wavers amid strengthening yen The Japanese benchmark index, the Nikkei 225 trades modestly flat at 16,103 points, and wavers between gains and losses. The risk remains to the downside as the yen fought back lost footing and rebounded sharply higher versus the USD, which weighed heavily on the exports-oriented stocks. Meanwhile, USD/JPY drops further to test 112 handle, down 0.71%% so far. The Australian markets also retreated, with the ASX 200 index dropping 0.32% to 4,984. The fresh sell-off in the oil prices hit the energy and resource sector stocks and hence, led the decline in the region’s stock market. Oil fell into the red after the International Energy Agency (IEA) said a global surplus will persist into next year and limit any chance of a short-term price rebound. While the Chinese equities reversed previous rally and edged lower, with the Shanghai Composite down -0.47%, Shenzhen’s CSI300 also trades 0.41% lower. Hong Kong’s Hang Seng drops -0.10%. For more information, read our latest forex news.