EUR/JPY back down at 137.70 and USD/JPY back down at 100.65 are now little changed on the day in Europe, the JPY grabbing back losses it gave up earlier in the session. While there are definitely fledgling signs of improving confidence, it has to be said it still looks somewhat fragile. Elsewhere U.S. futures are pointing to a strong opening on Wall Street. Sentiment is being underpinned in no small part by hopes the U.S. Treasury is going to take ownership stakes in many U.S. banks.