No early bounce in USD/JPY

USD/JPY is not bouncing in early trades and is perhaps setting itself up for another slide lower in offshore markets. Hefty stop losses were triggered below 77.75 overnight with the pair trading down to 77.57. USD/JPY is stagnant in early Asia with regional players taking a cautious approach. The Nikkei is up a modest 0.75% after falling around 1.3% yesterdays after financial stocks were battered on the announcement by Nomura that it held Italian debt. Nomura fell 15% as investors dished out retribution for daring to hold sovereign debt. Interesting.