Some heavy selling in the AUD has been soaked up by profit-takers and bottom-pickers it would seem, and the USD/JPY market has chosen to ignore the Asahi reports of additional easing at April 27th meeting. Regional stockmarkets are lower as risk sentiment turns sour but it’s difficult to go short the Yen crosses at these levels when more monetary easing seems inevitable. Best we wait for the picture to become clearer.