USD/JPY - 87.15.. Dlr has ratcheted lower in Tokyo morning session as reported hefty offers at 87.50-60 have deterred buyer after y'day's rebound to 87.58 in NY. N225 has relinquished initial gain n traded to a 5-day low of 9230. Report by the Nikkei daily that Japanese investors are increasingly on guard against the Nikkei falling below 9,000, had been using stock index options to prepare for the key index breaching a level that has been considered its bottom since last year. Risk aversion activities have led to a broad-based buying of yen, some bids are seen fm 86.00-90 n stops are building up below 86.60/64. Selling dlr is therefore recommended as sellers are in control in Tokyo session.