FX Action: USD-JPY traded above 113.00
FX Action: USD-JPY traded above 113.00 for the first time since mid July, posting a high at 113.02 just after the Tokyo fixing before settling to a narrow range just under the figure. AUD-JPY concurrently posted a three-session high and while EUR-JPY also lifted, the cross remained just off recent five-month highs. Buoyant stock markets have kept the Yen on a softening path. China equities paced gains, with the Shanghai Composite showing a 1.3% gain in the first hour of trading in the PM session there, earlier posting an eight-week high. The MSCI Asia-Pacific (ex Japan) index is showing a 0.4% advance, although also off its highs. Chinese equities were lifted by news that MSCI is considering quadrupling the weighting of Chinese big-caps in its global benchmarks, and adding small-caps to Shenzen's ChiNet.