Continued depreciation of sterling and renminbi against the euro into year-end looks likely, however, while offsetting yen strength is now coming up against mounting risks of market intervention with USD/JPY at 100/101. This obviously confounds the ECB's attempts to ease monetary conditions further in the Euro area ( EA ), where deflationary pressures remain. The UK 10Y real yield currently matches the record lows reached in the spring of 2013.