Yen Halts Decline, Unable to Rally

The Forex market sentiment stayed in the risk-aversion mode, but it did not help the Japanese yen to rally. The currency halted its decline though.
Prospects for an early reduction of stimulating measures by the US Federal Reserve spooked traders and made them seek safety. Fear of slowing growth in China did not improve the mood at all. Most markets came crashing down, sparking demand for safety.
The current market conditions are friendly to the yen, so it is somewhat surprising that the currency is not rallying. At least, it stopped dropping, but does not attempt to rally as of now.
USD/JPY was little changed at 97.73 as of 00:50 GMT today. EUR/JPY was flat too at 128.24 as well as GBP/JPY at 150.92.

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