Just some further colour to Adam's post
Yen pairs in general have taken flight and trading desks are looking at the crosses. There's chatter that the focus is still on the earlier news that Japanese life insurance funds may be shopping overseas.
Some desks are saying that this secondary round of yen selling is coming from those late to that news party.
Forget not also that there's a lumpy 2.5bn expiry going off in USDJPY at 109.00 at the top of the hour so we can't rule out some moves surrounding that.
Aside from that, there's nothing else really in the frame for the move.
USDJPY is quickly giving some of it back as it trades down to 109.18.
Additionally, I've been keeping half an eye on the EURJPY vols as they've been heavily linked to risk covering in the French elections. That's off the highs seen the other day and will also be a reason why the yen is lower.
EURJPY 1 month vols
