The yen has rallied versus other currencies amid a pronounced risk-off positioning theme in global markets on news that President Trump, along with the First Lady and White House public relations counsellor, have tested positive for Covid. S&P 500 E-minis are 1.4%, and Asian stock markets and European equity index futures have also taken a hit. USD-JPY dove by over 0.5% in pegging a low at 104.94. EUR-JPY fell to a four-day low and the high beta AUD-JPY cross plummeted by over 1% to two-day lows under 75.00. Trump’s health is an added item on a growing worry list.

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