BoA on yen, short Eur and USD against it.

Bank of America / Merrill Lynch like a short EUR/JPY and short USD/JPY

Concerns of negatives to increase in markets ahead of the G20 (June 28/9). Has the potential to see risk off sentiment.

• recommend selling USD/JPY

BoA says markets are complacent (cite low volatility)

• "We have a relatively optimistic view for the end game, but are concerned that things can get worse before getting better"

Risk is a comprehensive agreement at the G-20, but even if so, re-pricing of the Fed to limit risk-on market move, which would limit the downside for yen.