The prevailing mood in the interbank market would seem to be that buying dips in USD/JPY and/or one of the JPY cross-pairs is the trade with the best risk-reward ratio. The trend lower has been solid and constant but dealers are still of opinion that the MoF will take action to force USD/JPY back towards 90.00. The sight of persistent hedge fund buying also has the market guessing that ‘they know something we don’t’.