The yen weakened as risk-off positioning unravelled some more today, led by an 8%-plus surge in Japan's Topix index, which is one of the biggest rallies on record, reversing a chuck of one of the biggest weekly losses on record last week. Stock markets ignored a worse-than-expected Japanese Q4 GDP, of -1.4% versus the -1.2% median forecast. The yen has lost 0.6% to the dollar, with USD-JPY logging a five-day peak of 114.10. The stock market correlating AUD-JPY cross has gained 1.3%.
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