The yen has rallied amid a risk averse backdrop, with stock markets in Asia and U.S. equity index futures dropping sharply after President Trump threatened China with $200 bln of fresh tariffs. USD-JPY has so far dropped to a six-session low at 109.63, and the pair is very much amid a downward path just ahead of the London interbank open. The biggest mover has been AUD-JPY, a cross rate which trades like a high beta asset and thereby has a reputation of being something of a forex market risk-appetite barometer.
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