Forex Market Update: Japanese Yen Crosses Lower as Asian Stock Market Plunge

Japanese Yen cross selling has intensified as Asian stock market losses continue with South Korean stocks down over 8% and Hong Kong stocks down 6%, with the Nikkei losing ground again and dropping over 6%. AUD-JPY has dropped to session lows of 63.93 and the lowest levels since October 10th. EUR-JPY has declined to fresh six-year lows of 123.42 after taking out stops under 124.00. The JPY cross plays have seen USD-JPY extend losses to new seven-month lows of 96.86. Bids remain at 96.86, 96.40 and 96.00.