Japan will buy ESM bonds as early as today and this has seen the Yen crosses spike around the place but without any major impact. The EUR is mildly higher after touching 1.3140 against the USD but USD/JPY is looking heavy after rallying to 87.80 but has fallen back to 87.60. Yen bears will be slightly disappointed by the lack of reaction and this might be yet another sign that Yen shorts have reached saturation levels?
