Against USD i see 110 coming into play, premised on increased eaing from the BOJ in April (to counter the rise in sales tax), while of course Fed paering will dirve US yields to 3.5-4% range and keep USD well bid. The JPY is hugely underowned right now and Japanese funds have been huge buyers of offshore assets..will this continue? I think it will but we will need to see Japanese inflation expectations increase and corps accross the board taking part in the pay increase we saw from Nomura last week

Chris did you read the piece in The Australian over the weekend? It sounds like USD/JPY trade is getting some big bets. Do you have a view on the Yen and where it is headed in 2014?