The dollar was broadly higher in the Asian session except against the JPY, with the dollar strength led by the antipodean currencies after RBNZ Bollard warned that longer term rates were too high, sending Kiwi lower, and weak Australian data, including a larger-than-expected fall in retail sales, helped weigh on AUD. USD/JPY trading was very volatile, rising to highs of 99.48 after a worse-than-expected -58 for the large manufacturers DI on the Tankan report only to collapse to 98.21 lows on a Bloomberg report suggesting that U.S. President Obama favored bankruptcy by GM. Though denied by administration officials later on Reuters, the reaction in forex markets helped keep JPY crosses under pressure, adding to the weakness in AUD, NZD and subsequently EUR and GBP, and helping to support the USD. Asian stock markets were mixed with the Nikkei up on exporter stocks which rallied with JPY above 99.00 in early trading and the highest in almost a month, but DJIA futures were down over 90 pts. Oil dropped under $49 in a delayed reaction to the rise in API inventories. U.S. treasury yields were mixed with 2-yr yields higher but ten-year yields unchanged.