EUR/JPY has seen a bounce overnight in Asia, the cross presently up at 137.75 having finished down around 135.50 in late North American trade. The move comes with Asian stocks performing well in the wake of 4 of the regions central banks (China, South Korea, Hong Kong and Taiwan) lowering borrowing costs. It’ll be interesting to see if European stocks can now pick up the baton and run with the slightly improved mood seen in Asia. If they can, then this EUR/JPY rally might just entend a little further. Also undermining the JPY will be the release overnight of very poor machine order data. Japan machine orders for August fell a hefty 14.5% month on month, well below the consensus forecast calling for a 2.8% decline.