A couple of banks tipping USD/JPY goes to 105 - citing end of month flows, seasonality

Bank of Tokyo-Mitsubishi UFJ Ltd. and Daiwa Securities Co. predicting a boost for the yen from fiscal year-end repatriation flows

• Japanese exporters will sell into any USD/JPY advance says Daiwa
• 3.2% average fall in USD/JPY in January-March in the last four years
• Repatriation flows include export payments, coupons or interests from foreign investments, as well as dividends from exporters' overseas units, according to Bank of Tokyo-Mitsubishi UFJ."The first quarter, especially from February to around mid-March, is a period that typically sparks yen buying," said Minori Uchida, head of global market research at the lender. "With interest-rate differentials -- which have been a key driver for currency direction -- failing to affect spot levels, investors are turning to flows."

via Bloomberg (more at that link)