Fortis in Belgium; Hypo Real Estate in Germany; Bradford & Bingley in the U.K.; Dexia in Belgium/France and Glitnir in Iceland, the list of ailing financial institutions in Europe continues to grow at a rather alarming rate. Does anyone really think we’ve seen the last European financial insitution needing to be bailed out, or at least given a helping hand? The answer is most probably a resounding “No.” Those who thought the credit crisis was purely U.S.-centric have been rudely awakened by the events of the past week. Against this backdrop, the JPY could well see further strength against the European majors. .