JPY sits atop the G-10 FX pile on the back of...>

YEN: JPY sits atop the G-10 FX pile on the back of the seismic risk-off flows

that gripped markets during the NY/Asia-Pacific crossover, in very thin trading

conditions. The move came on the back of Apple cutting its Q1 guidance, levying

most of the blame on EM performance, notably in China, where the trade war has

had a heavy impact on company performance.

- USD/JPY cratered to a low of Y104.87, although the rate failed to breach the

2018 low of Y104.56 (which provides critical support), and last deals some 180

pips lower at Y107.10.

- EUR/JPY also plummeted, hitting a low of Y118.71, comfortably breaking below

its 2018 range, to hit levels last seen in April. Rate last deals 200 pips lower

at Y121.60.

- AUD/JPY comfortably breached the 2016 low of Y72.53, bottoming at Y70.64,

hitting levels not witnessed since 2009. Rate last deals 230 pips or so lower

around Y73.70. - Broader risk backdrop obviously key, but short-term narratives

blown apart by these sharp moves. Eyes on the lookout for any gov't/BoJ

comments, with Tokyo closed until Friday.