There are a number of Toshins due for launch today by a big Japanese bank which will probably create significant demand for the JPY crosses as we approach the Tokyo fix at 00:50 GMT. If the crosses don’t rally before the fix, then they probably are not going to do so.
The Japanese authorities have been printing money for over 20 years in the hope of stimulating domestic spending in their economy. Unfortunately the hard-working Japanese have preferred to bury their Yen in the backyard or else buy higher yielding foreign currencies through these types of investment funds.
