Sellers are back in near-term control on a break under the key hourly moving averages, and notably driving price below some near-term support around 107.34-40.
That has seen the yen accelerate gains against the dollar, with 10-year Treasury yields also slumping to session lows - down by nearly 3 bps to 0.662%.
The risk tones in the market are looking more cautious/defensive and has seen quite a turn of events following the announcement by US president Trump here yesterday.
All eyes will be on that now but the dollar in general also isn't faring too well ahead of European trading, so that is adding to the softness in USD/JPY here.
EUR/USD is back up to 1.1100 while the pound is also holding slight gains against the greenback currently, with cable also seen at session highs of 1.2342 currently.