* Dollar back near 120.00 yen, off low around 119.24
* Firmer close on Wall Street could help Asian stock sentiment
* Yellen gives welcome remarks at conference later
By Ian Chua
SYDNEY, Sept 30 (Reuters) - Demand for the safe-haven yen eased early on Wednesday as global stocks steadied from a rout and some semblance of calm returned to markets, but traders said month-end and quarter-end flows meant that volatility is likely to remain a feature.
The dollar fetched 119.85 yen JPY= , having turned around from a low of 119.24. The euro stood at 134.82 yen EURJPY=R, off Tuesday's trough of 134.24. The Australian dollar was back near 84.00 yen, up from a three-week low of 82.76.
U.S. stocks managed to end higher in a choppy session on Tuesday, while European stocks partially recouped their earlier steep losses, raising expectations that Asia can also recover from Tuesday's hammering.
Worries about slower Chinese economic growth, and in turn the health of the global economy, combined with uncertainty over the timing of a hike in U.S. interest rates have unsettled financial markets.
A meltdown in Glencore GLEN.L stocks on Monday highlighted those jittery nerves, although shares in the Swiss-based trader and miner managed a rebound on Tuesday.
Some traders also pointed to an encouraging improvement in U.S. consumer sentiment and euro zone economic sentiment as well as a bigger-than-expected interest rate cut in India as factors helping to soothe markets.
Against the greenback, the common currency bought $1.1250 EUR= , off a high of $1.1282. As a result, the dollar index .DXY has drifted up to 95.922, from a low of 95.708.
Yet, it remained well off a one-month peak of 96.700 set on Friday after Federal Reserve Chair Janet Yellen left the door open to a U.S. rate hike later this year.
A string of Fed speakers since then have also made clear the Fed is closer to delivering its first hike in nearly a decade, though the timing of such a move remained unclear.
Traders said U.S. nonfarm payrolls due on Friday could help strengthen, or weaken, the case for a 2015 lift-off. In any case, the outcome of the report should set the tone for the dollar.
The market will also be keeping an eye on Yellen, who is due to give welcome remarks at a conference later on Wednesday.
"If she wants to clarify anything, post this bout of risk aversion, then she may tweak the message from last Friday," said Emma Lawson, senior currency strategist at National Australia Bank.
In the meantime, traders in Asia will have to contend with economic data out of Japan and Australia.
(Editing by Shri Navaratnam)