China stimulus, U.S. rate pause optimism lift EM stocks nL4N3AG17Q

In times of risk appetite, funds usually flow out of the safe-haven yen

USD/JPY has risen from 146.04 in Asia, to 146.47 on London, EBS data shows

Consolidates near the top of the range as U.S. holiday curtails FX moves

Expect an eventual retest of last week's 2023 147.37 peak

EUR/JPY's correlation with USD/JPY high, 30/60-day logs are above +0.70