* Mexican peso gains about 1.5 pct vs dollar
* Dollar/yen erases earlier losses, up from 1-month low (Updates prices, adds comments)
SINGAPORE, Sept 27 (Reuters) - The Mexican peso surged in Asian trade on Tuesday, buoyed by the view that U.S. presidential candidate Hillary Clinton is doing better than her rival Donald Trump in a closely-watched television debate.
The Mexican peso gained about 1.5 percent on the day to 19.587 to the dollar, after rising to 19.575 at one point.
"Overall, there seems to be some adjustment of positions that had been betting on Trump risk," said a trader for a Japanese bank.
There seems to be some profit-taking of long dollar positions taken against the Mexican peso, he said.
The peso has hit record lows in recent days on concerns a Trump victory would threaten Mexico's exports to the United States, its single biggest market.
The safe haven yen retreated from a one-month high set against the dollar earlier on Tuesday.
Against the yen, the dollar was last trading at 100.72 yen , up 0.4 percent on the day.
The greenback had slipped to as low as 100.085 yen earlier on Tuesday, its lowest level since late August, as caution gripped the market ahead of the U.S. presidential debate.
While both Clinton and Trump are seen favouring a weaker dollar, some fear a Trump victory could expose the U.S. economy to more acute negative shocks with worse consequences for the U.S. dollar. (Reporting by Masayuki Kitano; Additional reporting by Shinichi Saoshiro in TOKYO; Editing by Eric Meijer and Jacqueline Wong)