Nearly every overnight commentary sighted so far today contains the word mixed. This of course is most appropriate given the turmoil in Japan. The Nikkei has just opened down another 2.0% (last down 3.6%) after falling over 6.0% yesterday. In terms of FX the situation is indeed mixed. Analysts were quick to get out their charts in the wake of the quake to see what happened in post Kobe and Lehman environments. Obviously huge doses of Yen strength but the question this time round – will we see the same result. Some have tried to preempt these expected “repatriation” flows but according to dealers at Japanese banks, none have been seen so far.