FX Action: USD-JPY has led broader yen declines
FX Action: USD-JPY has led broader yen declines in Europe, which has returned the pair above 113.00 while EUR-JPY has ascended into fresh five-month high territory above 120.40. The biggest gainers are CAD-JPY, which is up 0.9%, and NZD-JPY, which is up by 1.1%. USD-JPY itself is showing a 0.7% advance, at 113.11 bid presently, which is within a few pips of the day's high. Yesterday's peak is at 113.34 and the eight-month high of last Friday is at 113.90. A surge in oil prices (presently up by over 5%) ahead as the OPEC meeting gets underway, prompted by the Iranian oil minister saying that analysts was "optimistic" of an output deal, has catalysed stock market gains in Europe, and a rise in U.S. equity futures. The risk-on vibe has in turn weighed on the yen, in accordance with the usual inverse-correlative pattern. CAD-JPY would likely be the biggest forex market beneficiary in the event OPEC delivers a credible supply reduction.