After this mornings moves, USD/JPY has been absolutely lethargic over the last two hours. The pull back from 79.75 has bottomed out so far at 78.95 with USD/JPY seemingly content now to track sideways just above 79 the figure. A lot of commentary from Japanese officials has centred on repatriations. The officials have been at pains to downplay these concerns. Those trying to draw comparisons between this quake and Kobe should perhaps realise that no two events are the same. Whilst we are sure to see some repatriations in some shape form – a 20 big figure drop like we saw following Kobe in 1995 seems out of the question.