The late move out of risk (equities shunted heavily lower) has seen the yen benefit.
USD/JPY slid in late US afternoon. As did the AUD/USD (it had been soft earlier but really got a wiggle on down late).
AUD/JPY has been a huge loser and looks to be the continuing short of choice against the yen (anyone got an alternative? comments welcome, of course)
On Monday I posted on Barclays trade recommendation: Trade for the week ahead: Short AUDJPY
The banks reasoning on the short seems to be working well, and is being helped along (on the AUD side and yen side) by risk aversion rememergence
