USD/JPY is teetering on the 88.70 level where Japanese bids have been noted in size, though reports of large stops below that level have been circulating for days. A break targets the 88.00 area.

As Kwplam notes, fund-raising activities by MUFG have been getting a lot of attention today. Perhaps Japanese repatriation is at work to buy the stock issue. or there is risk aversion on the need for them to raise capital..