Yet Another Shell

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Hello all.

I am trying to figure out how to properly (read: "POSIXLY") un-flatten the shell history.
With "set -o vi", and a shell fc / history behaving as expected, I can enter something like this (as a dumb example):

$ ex -s <<EOF
> r!set -o
> %s/\<on\>/ON/g
> %p
> q!
> EOF
...
then
$ fc -l 1

will show something like this:
6 ex -s <<EOF
r!set -o
%s/\<on\>/ON/g
%p
q!
EOF

I can then recall that line and use <ESC>v to edit and re-execute that whole "one-liner", per POSIX.
$ ex -s <<EOF^Jr!set -o^J%s/\<on\>/ON/g^J%p^Jq!^JEOF

However, with yash:
$ ex -s <<EOF
> r!set -o
> %s/\<on\>/ON/g
> %p
> q!
> EOF
...

$ fc -l 1
1 ex -s <<EOF
2 r!set -o
3 %s/\<on\>/ON/g
4 %p
5 q!
6 EOF
7 fc -l 1

Everything is "flat", on separate lines.

Is there a way to get the expected behavior with yash?

Thanks