Japanese finance minister Fujii says he has time to compile a budget before the end of the fiscal year on October 31. The DPJ has a very ambitious social agenda and will require trlns of JPY in new funding.
USD/JPY has settled down into a range around 91.15 after a short-covering rally earlier in the session. A very large buy order of between $2-3 bln dollars was executed late in the European morning into the early US morning. It stalled at 91.60/65, which is shaping up as important resistance. Stops from shorts are building in the 91.70/80 area.