Just as you might think the whole risk situation is as benign as it could be under the present circumstances, the US equity futures have just now fallen back a bit more and that has dented the European markets this morning too. So, that earlier higher opening here in Europe has now given way to some fresh downside. This in turn is impacting the currency markets slightly too. Hence the USD/JPY just now hit a session low at 148.15. Comments from one of the regional BOJ officials was partly responsible for the move higher in the Yen though. The Nikkei 225 futures are now falling back further and well below where the index closed earlier today, at 39,332. The Nikkei is right now priced to reopen tomorrow below 39k and that is not helping the USD/JPY either.