There is no new news for the yen, but its dropped away steadily for the past half hour or so

EUR/JPY is down with it, as are other crosses

The Nikkei opened lower today after the 5 day break, but not as weak as futures were showing. There's been little in the way of a bounce for it though

This will, of course, weigh on the USD/JPY, but its not really enough to explain this sharp move.

Stops under 120.10 and again under 120.00 are cited as a contributor. Well, yeah.

Currently:

  • USD/JPY 119.92
  • EURJPY 134.08
    • -
    Added
    Earlier we got Japan September Manufacturing PMI (flash): 50.9 (expected 51.2)
    Which was a yen negative. Not that the yen tends to make a habit of responding much to economic data. But it didn't weaken much and now has reversed what little it did. 'What can't go up will come down' sort of thing. For the yen that's often cause its doing nothing .... but today maybe that was it.