The yen has lifted to an 11-day peak against the dollar during trade in Tokyo, at 112.00. This followed the PBoC lowering the reference rate of the yuan, which has had a sentiment-souring affect on stock markets in Asia. This sparked yen buying, while the firmer Japanese currency itself also had the usual exacerbating impact on bearish sentiment in Japanese stock markets. After giving up early gains, Nikkei 225 finished with a 0.4% loss. The yen firmed despite the 20-year JGB yield hitting a record low of -0.664% today.
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