The yen rallied as the PBoC set a weak yuan reference rate lower for a fifth straight session, which sparked a sell-off in Chinese stock markets and spoilt what had been shaping up to a positive day in stock markets. This generated demand for the haven yen, and USD-JPY lost nearly 1% in making a 112.77 low, with subsequent bounces having been limited. The move unwinds about two thirds of the rally seen on Friday, when the yen had underperformed following a run higher in oil prices and global stock markets.
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