The yen rallied under an advancing cloud of risk-off sentiment in global markets as investors digest weekend data showing the third straight month of depleting Chinese foreign reserves. This refocused attention on capital outflows in China, the consequences of souring confidence as the pace of growth abates. USD-JPY reversed gains seen during the Tokyo session and was showing a 0.3% net decline by the late London AM session, although 30 pips above the 116.38 intraday low. EUR-JPY was off by more than 0.5%.
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