Japanese retail investors have gotten a lot of focus this morning as Nomura launched an overseas bond fund last night which required something along the order of $1.1 bln USD/JPY and other yen crosses to be purchased. This is helping “paint the tape”, giving the impression that risk aversion is ebbing. It is ebbing to a certain respect, as continued rebounds in equity prices this morning illustrate along with the fall in gold. Gold has become the ultimate safe haven trade of late but it is down about $25 from recent highs, now around $892. That trade is very crowded at the moment.