The market is saying what we're not going to get is a surprise in terms of rates -- we're not going to get some cuts because of storm-damage problems.

The market was caught a little short there and some intraday players were forced to trim positions.

If you try to put a macro story with moves, it would be caution about how the BOJ is going to move and when they're going to move.

If you try to put a macro story with (Wednesday's) moves, it would be caution about how the BOJ is going to move and when they're going to move.

In broad terms there's two camps fighting over whether we think the dollar's going to benefit or lose ground,

It's also important to note that the point of the election was to strengthen Koizumi's reform mandate, so we'll be looking how he delivers on this front.

There's been such a significant move that model funds are turning now and have to buy the yen. Any move higher in the dollar is going to be sold into.

This is yen supportive. People are starting to get quite a defined time line on when the Bank of Japan will end its easing and are quite convinced its going to happening next week.

That's why dollar/yen is totally supported, and people underestimate the fact that this is probably going to be a theme for quite a few months to come.

As long as U.S. rates are rising you've got this double-whammy effect of spare cash looking for yield and yield is there,