• Bond issuance for quake relief should be kept to level that won’t affect private fund needs
  • Sees recent yen weakness as natural
  • Further G7 joint fx intervention cannot be ruled out

USD/JPY marginally firmer on day, up at 85.25 from around 85.05 when I arrived. Sell orders remain layered 85.50 up to 86.00.

UPDATE: Real money and medium-term model funds been seen buying this morning.