Hearing there is good demand for USDJPY down at the 89.00-30 area on the back of large toshin launches today and tomorrow. Launches are said to be 1.7 Trl Yen today by Mizuho Group and 1.9 Trl Yen tomorrow from Nomura group.
However on the sell side, there seems to be a number of foreign investors lining up to sell because of a number of Japanese banking groups looking at share offerings. MUFG for 1 Trl Yen, thus the capping on the topside.