The Japanese Yen (JPY) was very stable against the USD with both strong given risk aversion flows. EUR/JPY led the crosses lower with most falling over 1 Yen. The outlook for the Japanese economy is weak but traders are in no mood to sell Yen while the relationship with stock remains so strong. Overall the USD/JPY traded with a low of 81.46 and a high of 81.86 before closing the day around 81.65 in the New York session.
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