FXStreet (Delhi) – Lee Hardman, Currency Analyst at MUFG, notes that the yen has been the outperformer so far this year in the currency market benefitting from the ongoing correction lower in risk assets. Key Quotes “Even relief from the more recent stability of the renminbi and stronger than expected trade report from China proved only short-lived as the US equity market fell sharply overnight extending its decline to almost 10% since late last year. The scale of the correction lower in US equities is almost similar in scale now to the sell-off in August of last year. As it is the second sharp correction lower in a relatively short period of time it is heightening investor concern that the outlook for risk assets is becoming more bearish providing support for safe haven assets and currencies like the yen in the near-term. The continued slide in the price of crude oil, which declined below USD30/barrel overnight after a US inventory build, is reinforcing concerns over the outlook for global growth. Asian currencies have weakened further in the Asian trading session including the renminbi although regional equity markets have held up better than expected.” For more information, read our latest forex news.