Japan PM Noda: He would not mind dissolving lower house on Nov 16 for snap election if opposition meets demand on electoral reform

PLEASE NOTE HEADLINE CHANGED, NEWSWIRE ERROR.

USD/JPY relatively steady. Has eked out some marginal gains in Asian trade, up at 79.55 from a North American close Tuesday down around 79.40.

Talk of buy stops through 79.70 and more through 79.90.

Buy orders remain clustered at 79.20 down to 79.00, sell stops below there.

USD/JPY bulls will be relieved to see benchmark 10 year treasury back above 1.60%, albeit only very marginally at 1.6063%.

UPDATE:

Japan opposition Abe: Promise to carry out electoral reform, cut number of parliament seats during next year’s regular parliament session.

UPDATE: Stops tripped through 79.70 and we’ve been to 79.79. Rally seems to be reaction to Noda’s comment that he is open to dissolving diet Friday to call snap election.