"We all know the quality of the field, and it's probably the best week of the year we have. So we'll give it a shot and see how it goes."
That quality field includes Australians Jason Day (69) and Stuart Appleby (68), both in a group tied for eighth, five behind.
First-round co-leader Steven Bowditch shot 73 and was six behind, while Geoff Ogilvy and Greg Norman, each with 69s, were another stroke back.
British Open champion Darren Clarke and American Ricky Fowler, making his Australian pro debut after winning the world amateur championship in Adelaide in 2008, had 73s, leaving them in a group nine strokes behind Fraser. Defending champion Peter Senior shot 73 and was at 1-under, just one shot inside the cut of even-par 144.
Yang, the 2009 US PGA winner, said his experience on the slick Royal Melbourne greens at the Presidents Cup helped him prepare for this tournament.
"It's a little bit easier," Yang said of the greens here. "It was good prep from last week to get ready for this week. There are some shorter holes I need to play well on my wedge and my nine iron."
He's sees some room for improvement on the weekend.
"I had a double bogey on each round, so considering the fact that I didn't really have a clean sheet, I think it's satisfactory," Yang said. "I think I can build on this, but I'm going to take whatever the golf course gives me right now."
- AP