The resignation of Prime Minister Hatoyama has set off a short-term wave of YEN selling as the new PM-designate is deemed to be an advocate for a LOWER YEN. Kan Naoto in his recent position of Finance Minister has battled with the BOJ regarding the need for a lower YEN-based monetary policy. Thus, the market, we believe, has reacted correctly in selling the YEN against the DOLLAR and all of the crosses. Will this YEN softness begin a trend?