The yen has found some strength while the Nikkei continues to lose ground on the session. I’ve heard some saying the weaker than expected HSBC PMI is to blame. Don’t quite subscribe to that theory myself … it may well be as simple as recalling the price action since the USD/JPY broke to a new 2013 high on Friday. Pretty much one way traffic down in the USD/JPY since then (I saw a few comments to this effect during the European and NY sessions on the site here) and continuing on with it this morning.
Here’s the Nikkei today (so far), finally seems to have found some buyers, resistance on the day now around 15250:
