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Yen Outperforms On Russia Export Ban Headline, USTs See Modest Bid

CROSS ASSET

G10 majors are seeing a risk-averse tone in the last part of trading. The yen a clear outperformer, with USD/JPY down to 133.80/85, +0.30% for the session in yen terms. AUD and NZD are both offered, AUD/USD back to 0.6725, NZD/USD to 0.6160. The catalyst appears to be a headline from Kyodo stating the G7 is mulling a near full export ban on Russia. US equity futures aren't doing much, but a light bid has emerged in USTs, 2yr yield last down to 4.125%.

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