After the redemptions yesterday the theory goes that the new Toshins or investment bonds get rolled out today. I was of the opinion that once a Toshin matured it was almost immediately rolled over into a new one (unless the investor wanted out of course) and this would then involve no physical transaction. This is not always the case I’m told and that we may see some of the selling from yesterday reversed as new Toshins get launched to replace the old. If we see EUR/JPY and AUD/JPY accelerating higher after the Tokyo open and into the fix, then we will know whats going on. That said, any moves of 20 pips or more look highly unlikely.