The yen has weakened amid a risk appetite revival in global asset markets amid a de-escalation in trade tensions, with both Washington and Beijing signalling a willingness to re-start bilateral negotiations. USD-JPY rallied to a six-month high of 112.38 after breaking above the May high at 111.39. EUR-JPY lifted into three-week high terrain, and AUD-JPY reversed most of the outsized losses the cross had seen yesterday (following Trump’s threat to slap tariffs on a further $200 bln worth of Chinese imports).
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