As our colleague Ben Levett wrote earlier, the Reuters source story about a possible BoJ ease at the monetary policy meeting next week is plausible, if only because they do need to roll over their 3 month opps! But though the impact has been to see a weaker JPY, it is perhaps a little bit of a surprise that Reuters didn't make more of a splash with it! At the same time we also note reports of exporter offers beginning at 90.50, and becoming larger nearer to 91, and on this basis, we may need somewhat more of a catalyst to keep the rate moving. In the meantime more important from a technical point of view is the 90.68 March 8 high, and a break of that could well trigger stoploss buy orders. C.F.