Chinese banks may want to buy yen and see if they can get a good return on shares in Japan.
More Quotes from Luke Waddington:
In broad terms there's two camps fighting over whether we think the dollar's going to benefit or lose ground,Luke Waddington
People are taking a little bit of risk off. It's difficult to make a call over the next two to three days where the market is going to go.
Luke Waddington
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 (in the U.S.),
Luke Waddington
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.
Luke Waddington
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.
Luke Waddington
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