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Session Recap: USD/JPY on fresh 2.5 yer high; North Korea conducts nuclear test

Markets reopened in Japan and South Korea while remained closed in Singapore, Hong Kong, mainland China, Malaysia and Taiwan. The FX market, however, continued to show depressed volatility.

The Australian Dollar ended the session as the main laggard, while the Yen managed to pare some of its fat losses during late NY trade, when headlines emerged about the US supporting Japan's efforts for growth and beat deflation.

Away from the currency board, the Asian session was characterized by geo-political headlines, after the South Korean Defense Ministry confirmed that their rebellious North neighbor had conducted a nuclear test, aggravating the tensions in the region.

Main Headlines in Asia (in chronological order)

- US supports Japan's efforts for growth, beat deflation

- Selling Yen trade back on! USD/JPY at fresh 2.5 year high

- EUR/JPY up over 2%, will lower highs be printed?

- Amari: Abe hasn’t decided on BOJ Governor

- Japanese standing orders still huge in USD/JPY

- BoJ to leave policy unchanged; selling interest on Yen to stay - Nomura

- Australia NAB Business Conditions -2 in Jan vs -5 in Dec, Business Confidence 3 in Jan vs 2 in Dec.

- Japan's Aso headlines Recap

- JP Morgan’s view on AUD/USD - EUR/USD - GBP/USD

- South Korean defense ministry confirms North Korea nuclear test

- AUD/USD prints fresh 3-month lows below 1.0250

- Business leaders in Japan not demanding a specific Yen level, says Amari

- Moody's cuts outlook on advanced economies

Forex: GBP/USD slips to previous 5-month lows area, below 1.5650

Cable has slipped from weekly highs yesterday by early London trade at 1.5810 to recent fresh weekly lows at 1.5645 all the way in a single day, without any significant retrace in between, down already -0.98% since previous weekly close Friday. The pair goes back this way to fresh 5-month lows area printed past Wednesday, prior to incoming BoE chief Mark Carney comments that lead Cable to print fresh 6-day highs on Friday at 1.5843.
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