The Japanese yen strengthened across the board on Friday morning in Asia as risk-aversion resurfaced in the market following a surprise interest rate cut by China and a Spanish rating downgrade by Fitch on Thursday.

The yen is presently trading at 79.53 against the US dollar, 123.27 against the pound, 83.0 against the Swiss franc, 99.70 versus the euro, 60.83 against the NZ dollar, 78.44 against the Australian dollar and 77.26 against the Canadian dollar.

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