Perhaps some of the bigger Singapore-based traders are back after a 4-day weekend and have decided to book profits ahead of the G7 and G20 meetings, regardless of what the US Treasury under-secretary has to say.
USD/JPY is back below 93.00 and bank dealers are saying that selling by Asia-based players is the primary factor at play today.
Bids are expected to be solid 92.00/20 from Japanese corporates unwinding hedges.