Early Tokyo showing its hand; JPY crosses lower

EUR/JPY has fallen swiftly from 134.80 to 134.35 as early Tokyo enters the market and obviously decides it does not want to buy anymore. Dealers report a lot of offers appearing in USD/JPY, some in very decent size and this is obviously weighing on the crosses. Bids were reported earlier at 97.50 in USD/JPY although the bigger bids are tipped at 97.25.