The yen has continued to outperform amid a sharpening risk-off theme in global markets. USD-JPY dove to a four-week low at 112.64, driven by safe haven demand for the Japanese currency. AUD-JPY, which can be seen as a forex market proxy on risk appetite, is showing the day’s biggest movement out of the currencies we track, presently trading at three-month lows with a 1.1% loss. Oil and other commodity prices (ex gold and other precious metals) have tumbled concomitantly with losses in global stock markets.
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