USD/JPY is tracking lower in early trade. The pair is through overnight lows (just above 131.50), touching just under 131.40 (131.38), we sit slightly higher in last dealings (near 131.45/50). Not much is happening in the cross asset space from a US equity/Treasuries standpoint. This move looks a continuation of USD weakness from Tuesday NY trade. Broader USD sentiment is slightly softer, but the yen is outperforming at the margins (+0.20% (BBDXY -0.05%).