USD/JPY is back to the 101.05 level after stalling just shy of 101.50. Helping spur the dip. in addition to exporter offers was the usual rollover in stocks after an opening rally on Wall St.
Rising wholesale inventories (+0.8% versus expected 0.5% rise) in the US have dealers spooked, a further sign of economic slowdown. Fortunately, US inventories have been running at near-record lows, so industry won’t likely end up with huge overhangs of unsold goods.