The Japanese yen will remain the weakest currency on the interest rate differentials. Pressure against the yen will be spreading.

The market would like to see whether the Fed will raise interest rates more than two more times.

The domestic market view is that Japan's monetary policy will be unchanged at this meeting and there won't be many signals in governor Fukui's speech for foreign investors trying to find some clues.

The impact of the U.S. data was limited as the figure was not that good to keep the dollar on the 119 yen level or higher at this point.

I don't think weather issues like hurricanes can breach the trading range.

Clearly one factor that has supported the dollar will disappear. So it's better to be cautious about the dollar's upside potential.

In the long run, this change could be seen as meaningful.

It's hard to deny that capital outflows from Japan have been driving the yen's weakness.

The Nikkei's rise since July has had limited impact on the yen's upside, but for the moment anyway, stock prices are supporting the yen.

The yen will be the loser among the major currencies. The BOJ is unlikely to raise rates next year while other central banks are increasing rates. The rate-gap story continues to lure investors away from the yen.