• USD/JPY spiked down to 119.60 from 120.24, back up toward pre-release now
  
  
• Drop in USD-JPY yield spreads being offset somewhat by rise in N225 futures
  
  
• 223k just under forecast, but Mar revenue down & AHE up less than hoped: hits Treasury yields
  
  
• Less fear of Fed tightening helps risk, hurts yen: bunds key, 120.62+ close needed for breakout
  
  
• 1.3b at 119, 1.2b at 120, 585m at 120.25 & 1b at 120.50 expiries