USD/JPY flows: Risk aversion biting in

The USD/JPY sunk another percent on Thursday's Asia session as the reversal of funding trades continues. While it is hard to identify causation, the correction of USD/JPY coincide with the correction of Nasdaq which further spreads to other U.S. major equity indexes. There is little intel from the Japan side what BoJ may do but bond purchase cut seems to be concrete with little speculation of a rate hike. 

USD/JPY is trading 0.96% lower at 152.37.