The yen rallied quite sharply as oil prices dove following the collapse of Sunday's Doha meeting of key crude producers, which in turn catalysed a risk-off theme in broader markets that in turn underpinned the yen in the usual correlative manner. Brent crude was down by over 4.5% as London market participants clocked in for the new week. Japan's equities underperformed, not liking the yen's strength, leaving the Nikkei 225 down 3.4% at the close. USD-JPY dived to a low of 107.83, down just over a big figure from Friday's closing level, and subsequently remaining heavy.
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