Risk-off remains the dominant theme as a 5.8% y/y decline in foreign direct investment in December out of China returned focus on the tribulations of the world's number two economy. This sparked another selling phase in oil, other commodity and equity markets, and a rush to safe haven assets. In forex markets this translated into yen outperformance and commodity currency underperformance. USD-JPY hit a one-year low at 115.97, and AUD-JPY dove sharply. Verbal intervention from Japanese policymakers had limited impact in weakening the yen, which remained firmly net higher on the day.
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