FXStreet (Bali) - Risk aversion is picking up steam during the Asian session, following a dismal China Caixin Manufacturing PMI for December, which came in at 48.2 vs 48.9 expected and 48.6 last. The Yen crosses, as a true barometer of risk on/off, have reflected the worsened sentiment with a sharp dive. USD/JPY broke strongly the key 120.00 support, which has seen losses accelerate significantly, as area quite slippy judging by option market positioning. Asian bourses have also fallen drastically after the Chinese data, with the Nikkei 225 down by 2.25% after a major turnaround off 19950, while SP500 futures are down by 0.95%; Australian shares are also down, although losses are more moderate, with he AXJO -0.2%. For more information, read our latest forex news.