Renewed risk aversion fostered strong profit-taking on many of the recent long JPY cross positions, helping to bolster the USD and the JPY during Asian trading. JPY crosses were already heavy as profit-taking emerged in the wake of the slightly weaker DJIA close on Tuesday and with an eye towards upcoming risk events including the ECB meeting and U.S. jobs data. But reports that BofA would need $34-$35 bln in new capital as a result of the stress tests triggered aggressive JPY cross selling that was fueled by stop losses as well. USD-JPY, which opened in Asia around 99.00, fell to lows of 97.959. EUR-JPY, which was trading around 132.00 near the NY close, dropped to lows of 129.86. EUR-USD which was probing 1.3300 at the Asian open, fell to lows of 1.3245. Upbeat comments from Fed’s Yellen that she saw some good news to savor in recent economic data, failed to have an impact. DJIA futures fell 77 pts but Asian stock markets were mixed, with China, Hong Kong and Taiwan higher. Oil remained under $54 ahead of inventory data while gold eased slightly. Treasury yields edged down on the BofA news.