The yen rallied amid hefty stock market losses in Japan and across Asian markets. USD-JPY has opened in Europe below 122.00 after closing yesterday at 122.48 bid. EUR-JPY fell below 134.00, though has remained above yesterday's six-week low at 133.51. EUR-USD recovered the 1.1000 handle on news that Greece was given a five-day deadline to come up with creditor-acceptable proposals and avoid bankruptcy (and Grexit). There will be a Eurogroup meeting of finance ministers on Saturday followed by a full EU summit on Sunday.
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