The JPY has seen further across the board strength in early European trading, risk aversion still very much to the fore. European stocks are off to a poor start, the FTSE 100 off 1.5% while the DAX 30 is off 1.32%. EUR/JPY is down at 116.75 from an early 117.60, with USD/JPY down at 92.75 from around 93.20. There is talk of some buy interest in EUR/JPY lying down at 116.50 which may slow the sell-off, but whether it stops it is another matter altogether.