FX Action: A break-out of risk appetite has been expressed in currencies FX Action: A break-out of risk appetite has been expressed in currencies in the usual way, with the yen tumbling as its haven premium is unwound, while commodity and emerging market currencies rally. USD-JPY has rallied into eight-day high territory, above 120.80, which is a gain of nearly 1.4% from yesterday's low. Other yen crosses are also up. The dollar bloc currencies haven't been up to much so far, though South Africa's rand is bolting higher. The moves come with European stock markets rallying strongly today.