The familiar yen outperformance, commodity underperformance pattern has reappeared with stock markets taking a turn lower and crude prices retreating for a second day at an accelerated rate. The BoJ's refrain from cutting rates at its policy meeting today sparked yen buying and stock selling, though the decision and dovish guidance largely met expectations. In the mix was some hefty selling of sterling following a poll showing the Leave camp leading the Remain camp.
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