In a note to clients, one of the massive Japanese city banks notes that Norinchukin, a Japanese asset manager, is cutting its exposure to foreign assets in favor of parking funds in low-yielding JGBs (Japanese government bonds). This is consistent with the risk aversion theme seen late last week and carrying through to today. AUD/JPY has been hammered in recent sessions as high yields are shed in favor of safety.
USD/JPY is consolidating losses just below 90.00.
