As the yen has dropped those repatriating funds from offshore into fiscal year-end (March 31) have been handed windfall gains (in the local currency). Exporters, too, have benefitted.
Importers have been left to chase currencies with a weakening yen though, and there were plenty capitulating into the Tokyo fix earlier today (Buying USD and other FX and selling yen).
Looking at the session ahead there are bids for USD/JPY down towards 123.15 and these bulk up under 123.15.
For the topside its not so clear cut although the attempt at jawboning earlier today:
seems to have had some effect. Talk of 130, in time, is spreading though.
USD/JPY update:
