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Nearing the end of her "Real Fantasy" tour and promotions in Japan, IU resumed her hosting duties on Inkigayo after taking a three-month leave due to concert commitments.On December 29, IU hosted the 2012 SBS Gayo Daejeon, an annual music program, alongside Bae Suzy and actor Jung Gyu-woon.According to Japan's Oricon Singles Chart, the single album of Good Day sold 21,000 physical copies on the first week of release with the single debuting on the chart at number six.
Subsequent to the concert, both "Good Day" and "You and I" were released as new singles in Japan with translated lyrics to moderate success.
She was selected by the program's producer for her MC skills that she demonstrated on Inkigayo.
For her accomplishments over the past year, IU won two awards at the 2012 Seoul Music Awards; Last Fantasy was named Record of the Year, while she was among the ten musical acts who were awarded the Main Prize.).
For the drama, she released a recording with her co-star Jo Jung-suk of her self-composed duet, "Beautiful Song" (Korean: In the same period, IU released her second Japanese extended-play album, Can You Hear Me? Two tracks from the album were released as singles; "Beautiful Dancer" and "New World" peaked at number 66 and 76 respectively on the Billboard Japan Hot 100, ranking significantly lower than her Japanese-translated versions of "Good Day" and "You and I", which were top 10 releases.
Almost two years after Last Fantasy, IU released her third studio album, Modern Times, on October 8, 2013.
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Admitting that she was doubtful about her readiness to take on acting, IU remarked that she gained confidence in learning that the part would require singing and would later describe the experience as a tremendously enjoyable one.