Overview
The increase of COVID-19 cases in South Korea and Japan, coupled with China's changing reverting back to its previous methodology of calculation, dropping clinically diagnosed cases, has again weakened risk appetites and sent the dollar broadly higher. Fears of a Japanese recession are sapping the yen's role as a safe haven, and this helps explain why Japanese equities did react as positively to the weaker yen than is often the case. Small gains were recorded in Japanese and Australian equities, while the Shanghai Composite rose 1.8% and the Shenzhen Composite rallied a little more