The yen's seeming one-way ascent has come to a pause, partly amid the perceived threat of BoJ intervention and partly as risk-off positioning unwound some today. Brent crude rallied over 4% and more than recouped yesterday's declines, while European equities managed a rebound. Oil continues to be the driver of global sentiment, being symbolic of China's transition economy and demand/supply imbalances in crude and other commodities. The UAE Energy minister yesterday gave oil a helping hand in saying that cooperation among members to trim output is afoot.
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