• USD bid across the board, safe haven flows tipped on Wall Street falls

• Geopolitical concerns still too, US rates off though on flows from stocks

• USD/JPY in familiar place, new equilibrium on 161, Asia 161.55-61 EBS

• Defensive offers likely still in place ahead of large 162.00 option KOs

• Some exporter offers seen mixed in topside

• Threat of Japan FX intervention too, surprising no action yet.

• With yen shorts even larger now, market may be ripe for a correction

• Latest IMM CTA data show yen shorts up to 150,132 contracts as of June 16

• Option expiries today likely USD/JPY supportive, massive $1.4 bln 161.20-25

• More trail down into the 159 handle, gravitation pull from 161.50 $708 mln?

• Japanese importer buys on dips, foreign investors stock buy hedges too?

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(Haruya Ida is a Reuters market analyst. The views expressed are his own)