USD/JPY has popped up 20 pips from 98.00 to 98.20 but all other pairs are stationary as we wait for Tokyo, HK and Singapore to get fired up. Regional equity markets will be expected to fall in line with Wall Street overnight and this will put the pressure back on some regional currencies like the KRW and MYR which are close to multi-year lows against the USD. All of which should mean that the JPY crosses trade heavy during Asia (which probably means a 75% chance that they go higher!).