The yen rebounded as risk appetite soured in Asia, where AM session gains in equity markets gave way to an uglier PM session, led by a 3%-plus decline in the Shanghai Composite, which reversed from a near 1% gain at the intraday peak. This backdrop also pushed commodity currencies lower, and the risk appetite barometer AUD-JPY cross is once again showing the biggest net move out of the currencies we track with a 0.4% loss after reversing from just over a 1% gain at its intraday peak.
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