Eur/Jpy has inched its way lower through much of the morning session, posting a low so far at 127.65. Traders are keen to point out that although risk aversion is back on the table so far today, it is not the main driver at the moment, as witnessed by the fall from 134.35 last week in the face of stock markets rallying across the globe. This latest move is seen as much more of a Euro move, as the ECB continues to disappoint markets with their slow policy response.