The yen rallied amid hefty China-led stock market losses in Asian markets. USD-JPY fell below 121.40 after closing yesterday at 122.48 bid. EUR-JPY fell below 134.00, though has so far remained above yesterday’s six-week low at 133.51. EUR-USD, meanwhile, has re-established itself above the 1.1000 handle in the wake of yesterday’s news that Greece has a five-day deadline to come up with creditor-acceptable proposals and avoid bankruptcy (and Grexit). Greece said it will submit a formal aid request to the ESM today and detailed reform proposals are expected tomorrow.