I don't I believe I would be shocking anyone by pointing out the fact that the JPY has become the funding pair of choice. Below is a quick look at the daily volatility (ATR) in the majors in the USD and JPY crosses.
EURJPY 190 EURUSD 104
GBPJPY 198 GBPUSD 102
AUDJPY 113 AUDUSD 63
NZDJPY 105 NZDUSD 71
CADJPY 119 USDCAD 49
Just a bit of food for thought....
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