The Japanese Yen had a mediocre week, only finding solace in the fact that emerging markets were in mini-meltdown mode and therefore its role as a safe haven was revived.
The CHFJPY and EURJPY lead the way, adding +1.69% and +1.63% respectively, as the Euro finally started to respond to some of the improved data over recent weeks, while emerging market capital outflows could be finding home in the Switzerland as a haven as well. Profit taking in the GBPJPY saw the pair give back its gains to +0.83% for the week, while the USDJPY hit a three-week high above �99.00, before closing up by +1.22% and a hair under 98.70.
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