Nikkei now -1.8%; small rally in JPY crosses running out of steam

EUR/JPY has fallen back to 106.20 from it’s earlier profit-taking driven high at 106.50. The Nikkei continues to slide and this is weighing on sentiment.

FinMin Noda is again on the newswires reiterating that current FX moves are one-sided and that they are ready to take action but this constant jawboning is having no impact whatsoever.