Remember those pension funds buys of USD/JPY last week?

Late last week we wrote about very heavy demand for USD/JPY and JPY crosses from Japanese pension funds. We’ve been able to put some figures on the flows, and they are massive. One of the trust banks that sees a slice of these flows saw in excess of $10 bln in buying. Multiply that across the different banks in the market and you get a sense of how big the flows were and why the market continues to chase USD/JPY higher.

Japanese offers are seen in the 93.80/00 area with more at 94.50, dealers relay.