I thought it might be early hedge funds out of Switzerland who’ve hit the Yen crosses in the last 30 minutes or so but it seems that most of the heavy selling is coming out of Tokyo.
The threat of any G20 statements regarding Japanese policy towards the Yen seems to have abated, based on what Treasury Secretary Lew had to say, but it’s risk-aversion which is driving these flows I suspect. Commodity and precious metal prices are around 2% lower and regional equity markets are also lower.