I've been noting all week the large repatriation flows coming into Japan (i.e. the yen) at the end of Japan's fiscal year.
These have been a bit of a cap on USD/JPY this week after its huge run higher into (fiscal) year-end.
So far this session we've seen USD/JPY buyers back in, the yen buying overhang has dissipated (exports are ongling yen buyers though) and Japanese imports have had to bid up for USD.
