Recent economic data out of Asia has been reasonably promising which would explain the seeming bias from hedge funds to buy into Asian stocks for 2013.
Risk trades are nonetheless a little lower in early Asia, which is perhaps a reaction to the over-exuberance in the opposite direction yesterday. EUR/JPY is 30 pips lower from the NY close which is no great surprise as risk-reward would seem to favour being short on the 115 handle (113/116 range?).