I think there is a lack of a tolerance for the yen to appreciate. I had originally thought that the yen would be trading at a range of 115 to 125, but with the BOJ coming in at 118 for two days in a row I think they are really drawing their line in the sand.
More Quotes from Tom Benfer:
It's a lose-lose situation for the yen. Traders feel they shouldn't raise rates because the economy is still too weak at this point.Tom Benfer
The dollar looks like it got too weak last week.
Tom Benfer
The core number (which excludes the volatile food and energy sectors) is expected to (gain) 0.2 percent, which would be good and I think that would give the market a further sign of relief and could give the bond market a boost.
Tom Benfer
The market feels if one is in trouble, there could be more we don't know about.
Tom Benfer
The German IFO survey took all the wind out of any hope for successful intervention. In order to intervene, they need to have some improving fundamentals.
Tom Benfer
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