- Widening of 5year UST/JGB yield spread seen today; spot rises correspondingly
- 30/60-day log correlation between spot & yield spread +0.68/+0.60
- Spot/Nikkei futures 48/72H log correlation both +0.51
- IMM short JPY positions pared marginally on the last report
- Japanese importer bids are seen below 119.10






