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Analysts at Scotiabank explained that JPY is strong, up vs the USD and outperforming all of the G10 currencies in an environment of broad-based risk aversion.

Key Quotes:

“EUR/JPY has tumbled to a fresh 2018 low and appears vulnerable to a continued retracement of the rally from April 2017.”

“A reminder that JPY’s safe haven status leaves it vulnerable to violent, knee-jerk gains in periods of risk appetite.”

“Domestic developments have been limited. BoJ board member Sakurai speaks at 9:30pm ET”