The JPY has benefitted from the uncertainty.....>

YEN: The JPY has benefitted from the uncertainty caused by the Italian election

exit polls pointing to a hung parliament/populist parties outperforming &

additional trade tariff rhetoric from US President Trump, following Friday's

Kuroda-inspired strength. 

- Safe-have assets have continued to benefit this morning while analysts debate

the meaning of Kuroda's comments.

- While all were surprised by the BoJ chief's rhetoric on Friday, most suggest

that the normalisation comments could have been be tied as much to hope as they

were to outright belief.

- USDJPY hovers just below 105.50, while the JPY has also advanced vs AUD & EUR.

- Focus will now fall on Friday's BoJ MonPol decision as watchers will be on the

look out for any further clarity from the BoJ Gov. in the press conference that

follows the decision.

- Looking to the 10AM NY option cut there is some $2.66bln worth of USDJPY

105.50 option expires set to roll off the board on Monday, with $2.25bln worth

of the same strike set to roll off on Tuesday.