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    USD/JPY: recoveries shallow in bearish climate - Scotiabank Ross J Burland

    Analysts at Scotiabank explained that JPY is up and outperforming in an environment of elevated risk aversion, strengthening to a fresh one month high and was nearing a break of its May 3 multi-year high (USD/JPY low at 105.55) at the start of the US sessison.Key Quotes:"Sentiment remains dominant in the current environment. Intervention remains a looming risk, however market conditions have yet to deteriorate to the extent (‘excessive volatility and disorderly movements’) that Japan’s G7 peers would find intervention acceptable."

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