The yen outperformed by virtue of its safe haven credentials as a risk-off theme intensified during the European, which drove the pan-Europe STOXX equity index to a 2.5% loss (as of the early European PM session) despite mostly higher markets in Asia. USD-JPY shed over 0.6% in declining to the 1.1970 area, while EUR-JPY skidded into two-week low territory, and AUD-JPY dove to one-week lows. Outside the case against the yen, the dollar traded firmer against the euro, sterling, dollar block units, and most emerging market currencies.
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