There are some significant Toshin EUR maturities this week which, if not rolled over, could lead to some heavy EUR/JPY selling. It will be interesting to see how the Japanese retail consumer reacts- have they become more risk friendly and therefore willing to roll-over their EUR denominated investments or will they take the safer option of keeping their JPY at home? Recent new Toshin issuances have been heavily undersubscribed on their launch date but this is not completely unusual. It’s the final date of the launch period when these new vehicles need to be fully subscribed. This end date coincides naturally with the maturity date of other bigger investments.