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Risk aversion helps the Yen snap losses- USD/JPY edges lower so far today

Yesterday evening, even as the US stock markets fell back, the USD/JPY continued to garner traction from the higher US yields. That saw the dollar press above 157.50 and later post a US close at 157.64. However, since then the deepening stock market losses have seemingly delivered something of a risk off move across all the markets and that has helped the Yen to gain in Tokyo today. The upshot of that, with both the EUR/USD and GBP/USD now lower; is that the likes of the EUR/JPY and the GBP/JPY have fallen back. Indeed all the major Yen crosses are lower this morning. There will be more to add on that later on, but right now the Yen is matching strides with the dollar in terms of major currencies at the top of the pile this morning. The USD/JPY is right now close to session lows (157.17), currently at 157.18

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