USD/JPY: Japanese Corp & Inst Investors Likely To Sell Bounce Above 110 Into March - Deutsche Bank

Deutsche Bank Research discusses USD/JPY amid its recent decline and notes that
1- While Japanese pension funds, life insurers and other institutional investors have thus far bought on dips from around 110 and below, their buying has been far from aggressive this time.
2- Overseas speculators still maintain relatively large USD/JPY long positions, and look unlikely to increase them in the near term in line with rising US rates
3- Japanese corporates and institutional investors likely reduce or avoid risk approaching March-end via selling on rebounds above around 110 which could increasingly act to suppress upside.