The USD held an offered tone through the Asian morning session, which encouraged AUD-USD and EUR-USD to revisit the highs made in NY at 0.7156 and 1.3156 respectively, initially failing to break higher. The market lacked strong impetus but by the afternoon, traders targeted the stops on USD-JPY under 97.50 and down to 97.30, successfully triggering a sell-off to 96.99. This also fueled a wave of JPY cross sales with the 1.18% slide in the Nikkei adding to the cross sales as well. Speculation that large JPY cross buying would be seen for a Toshin fund launch today was also noted and failure of that buying to emerge was also believed to contribute to the USD-JPY and JPY cross sell-off. Gold made gains on the news in the afternoon that China was adding gold to its reserves. Oil remained under $50 in Asia. Regional stock markets were mixed with Taiwan and China higher but other indices under selling pressure.