That usually would mean risk-off in the FX market and downward pressure on the JPY crosses but as I mentioned earlier, the usual reaction of the Japanese market to a big overnight move is to move in the opposite direction and that’s exactly what we are seeing this morning. EUR/JPY is trading back above 117.00, up 40 pips so far today, and has scope for a retracement on the hourly chart back towards 118.00.