European morning wrap: Japanese yen claws back a little lost ground

Swiss National Bank keeps EUR/CHF peg at 1.2000, as expected.  3-month libor band unchanged at 0.0-0.25%, as expected Japan MOF currency tsar Nakao:  World economy overall is recovering from 2008 Lehman Crisis MOF's Nakao:  G7 agrees joint intervention possible if necessary Spain house prices fell -11.2% in Q4 2011 on an annual basis, compared to -7.4% in Q3.  Biggest fall since Q1 2007 Euro zone Q4 employment down -0.2% q/q, -0.2% y/y. Employment fall largest since Q1 2009 Greek Q4 unemployment 20.7% from 17.7% in Q3 ECB monthly report: Adverse factors to weigh on H1 economic activity ECB's Nowotny: Rate cuts not point of discussion right now ECB's Liikanen: Long-term refinancing ops no threat to price stability Ex ECB official Bini Smaghi:  EU must recognise Portugal may need more aid - FT opinion article Western Australian Premier: Australian dollar above "true value" at present.  Should be in low 90's versus the dollar Swiss govt says easing for euro crisis paves way for Swiss economy to recover in months ahead Benchmark 10 year teasury yield has fallen to 2.2920 from 2.3406 when I first sat down.  Against this backdrop greenback has weakened across the board, especially versus the yen. USD/JPY down at 8330 from early 84.05.  US investment bank notable seller early, apparently executing decent business for hedge fund. EUR/JPY down at 108.80 from early 109.45, fund selling also notable here. EUR/USD up at 1.3060 from early 1.3020, defence of 1.3000 barrier interest so far successful. USD/CHF down at .9255 from around .9315. EUR/CHF down at 1.2095 from early 1.2127 after SNB left peg at 1.2000. Real money buying however has helped slow the decline in the cross.