There is some action on the option desks with short term cover being bought for the USD/JPY downside, 80.30 and 80.00 puts being much sought after. I guess the spot market is happy to sit long at current levels but is wary of a poor NFP number and a break lower in US yields.
JPY crosses are also lower with GBP/JPY having fallen the most so far this morning. The Nikkei is -0.25% and the usual Friday risk aversion reigns, albeit a mild dose today.
