Banks are still having difficulty accessing all the dollar-liquidity they need despite the heroic steps outlined by governments around the world. Term Libor rates have eased at the margin but have not tumbled to their historic averages. They are only about 25 bp lower than they were at the height of the crisis; they should be hundreds of bp lower. 1 month T-bills are yielding a measly 5 bp as investors continue to seek safe-havens. We’ve got a ways to go before all the policy actions of recent days begin to bear fruit. As long as this is the state of play, defensive plays are the way to go, keeping JPY in demand