MORE ON THE YEN

Todays MOF portf0lio flow data showed JPY 1,231bln ($12bln) foreign bond outflow. This follows last week's JPY 1,363bln ($14bln), and is the LARGEST 2 week outflow for many years.

Also Japanese investors bot Y215bn of foreign stocks, while foreigners sold Y75bn of JGBs and sold Y450bn of Nikkei.

This reinforces my view from my Yen turnaround post on Monday. Japanese repatriation in March has already taken place and in fact homeland flows are now going massively in the other direction.

The squeeze in USD/JPY and the crosses has been on all week, next to crack maybe Japanese margin traders who are still long JPY vs USD, EUR and GBP.