The Dow fell close to 200 points today on the back of the news that Pakistani Prime Minister Bhutto has been assassinated.
However not all of the Japanese Yen crosses or carry trades fell with it. USDJPY was the only Yen cross that suffered significantly which tells us that the move in the currency markets today is more of a dollar story than anything else. We expect traders in Asia to send equities lower as well which could weigh on the Yen crosses in early trading. We have a lot of Japanese economic data due for release tonight including consumer prices, industrial production, retail sales, manufacturing PMI, overall household spending and labor cash earnings, so expect some interesting price action in the Japanese Yen tonight.