The yen has been outperforming amid a sharpening risk off theme in global markets. USD-JPY has declined to a two-week low at 113.03, and EUR-JPY corrected recent gains in falling under 113.50. AUD-JPY, which can be seen as a forex market proxy on global investor risk appetite, has fallen by 0.9% in making three-month lows. Oil and other commodity prices tumbled concomitantly with accelerating losses in global stock markets. The IEA’s monthly report, which raised oil supply forecasts, has continued to weigh on crude prices.
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