There's sentiment building for a weaker yen. The BOJ is unlikely to raise rates soon, even after an end to its current policy.
More Quotes from Michiyoshi Kato:
Pressured by Japanese politicians and officials, the BOJ will be unable to end its easing of the money supply any time soon. That's pretty much yen negative.Michiyoshi Kato
Yen selling may not extend to today. Some investors sold a bit too much yen, so they may buy some back, which could benefit the Japanese currency.
Michiyoshi Kato
Investors are pretty much focused on the home sales figures today. Weaker data will reduce expectations for further rate hikes in the U.S.
Michiyoshi Kato
I just came in to do office paperwork. Markets are extremely quiet today. There's hardly any trading and volume must be less than a tenth of what's normal.
Michiyoshi Kato
U.S. consumer confidence will push up the dollar by backing speculation the Fed will raise rates further. The dollar's uptrend will likely continue today.
Michiyoshi Kato
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