USD-JPY dove only briefly on news of missile test by North Korea, which was again the Japan vaulting kind, similar to the missile test of a couple weeks back. The pair logged a 109.55 low after dropping about 70 pips amid a bout of safe haven positioning, though subsequently more than recovered, to around 110.60. Stocks in Asia saw a similar dip-then-recover action, with markets evidently shrugging off the latest missile launch, despite U.S. Secretary of State Tillerson calling on Russia and China to take “direct action” on North Korea.
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