The JPY is seeing accelerated strength with USD/JPY down at 99.40 and EUR/JPY down at 135.50. The move comes with the Japanese authorities having earlier voiced their lack of concern over recent forex moves, removing somewhat fears of possible BOJ intervention. Risk aversion remains the name of the game, as investors head for perceived safe havens. The continued sell-off in Global stockmarkets, despite a myriad of intiatives to address the credit crisis, have really spooked investors. It’s been the U.K.’s turn today. Despite the £50 bln bank rescue plan unveiled this morning, U.K. stocks have continued to slump. The FTSE 100 was down 4.4% at 4,402.62 a little while ago. Lots of talk of a Global recession…..oh no!!!!