Today Standard and Poor downgraded Japan's credit rating from AA to AA-. This brought about a strong JPY sell-off. If the move today follows through, we might see a turn for weakness at least relative to its 2010 performance. The USD/JPY is attempting another rally towards the 84.50 area. The GBP/JPY turned sharply back up after a strong bearish attempt earlier this week. The EUR/JPY continues to push higher, and the CHF/JPY is back highs not seen since April 2010. The NZD/JPY is taking off, but the AUD/JPY is still very subdued since hitting 83.67. Finally the CAD/JPY is in the middle of basing action and should be helped by the yen-negative event risk.