There has been a decent amount of interest in USD/JPY so far this morning. Firstly there were big offers at 90.70 which encouraged the initial sell-off but there has also been some good sized bidding interest. Dealers say that the bids on the interbank trading machines between 90.10/20 amount to around $300 million. No information yet on stops, or lack of stops, below 90.00. We suspect they are there but we don’t know for sure.