Traders are quite frankly questioning which market Japan's Watanabe is watching, who states from Italy, that he sees no major carry trade unwinding. That is all the market is seeing with little bounce seen in JPY crosses today as the carry trade unwinding continues.
JPY gains are being aided by the strong rise in Japan Capex data last night with a surge of 16.8% in Q4 and expectations that GDP data will be revised higher as a result. USD/JPY is at 115.53/57 but with offers reported at 115.80 and traders report that the sell orders are stacked up as high as 116.20 now, and expected to stall bounces.
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