Power reverse dual currency bonds continues to plague USD/JPY. This product, designed as a one-stop shop for Japanese retail investors looking for richer overseas yields require hedging as USD/JPY moves lower in its range. The break below 88.00 this morning brought about a wave of hedging connected to those vehicles. We’re told another crop of hedging will be needed if we approach the 85.00 level. USD/JPY consolidates at 87.95 after falling s low as 87.15.