• Yesterday afternoon’s headlines that the GPIF would increase allocations to Japanese stocks only caused a brief flurry in the JPY crosses;
  • The fact that most pairs are slightly lower today suggests to me that the market is turning bearish albeit very slowly;
  • USD/JPY remains stuck in range trading mode between massive buy/sell interests;
  • ‘Risk-off’ Friday is usually worth playing from the short side in the Yen crosses, especially during Asian trade, although moves are unlikely to be overly large.