The latest moves all seem to be tied to a rebound in risk assets.

Yen crosses are leading the moves. There is some chatter that opposition Japanese politicians will oppose Iwata but that isn’t anything new enough to spark the sort of moves we’re seeing.

USD/JPY cut through the offers at 91.20 fairly easily and already poked above yesterday’s 92.40 high. There are reported stops above 92.50.

Similarly, EUR/USD has climbed above the post-election highs with the next layer of offers at 1.3150.