FX Update: The Yen has declined
FX Update: The Yen has declined and the commodity currencies have firmed amid a risk-back-on them in Asian markets. China announced fresh initiatives to shore up its equity markets, with its securities regulator announcing earlier that it will encourage share buybacks and investment from insurance companies, and M&A among listed companies, while Trump said, with typical hyperbole, that he can foresee a "great deal" with China during an interview with Fox News yesterday (although adding that Beijing was not ready yet). This helped China's SEE index close 1% for the better, while Japan's Nikkei finished with a 1.4% gain. USD-JPY rose to an eight-day high of 112.81, extending a rebound from sub-112.00 levels, while EUR-JPY and other Yen crosses also rose as the Japanese currency's safe-haven premium unwound. The biggest mover was AUD-JPY, which rose by 0.9%. AUD-USD lifted to a six-day high at 0.7108. The Yuan posted a fresh 10-year low. In data, Japan's September unemployment rate came in at 2.3%, below the median forecast for an unchanged 2.4% rate. Australian September building approvals came in at 3.3%, below the 3.8% median forecast.