The Nikkei after being down 5.0% earlier today is now down just 0.5%. Dealers have been quick to suggest the plunge patrol (official buying) and it may be a precursor to BOJ/MOF intervention if we see any more downside in USD/JPY. It has been quiet a recover off the 76.25 low today but until the first digit starts with an eight one should be wary of intervention – and not the playful kind. If the BOJ/MOF do intervene they will have the big stick out and you should see a four to five big figure move.