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.
More Quotes from Tom Benfer:
We'll have to watch the data closely now between Aug. 24 and Oct. 4 to see how strong the numbers are. So it's going to be key now on how strong the economy looks going into October whether or not they would move again by another quarter point in October. So I think that's the question mark Do they go 50 (basis points) or do they go 75 basis points for this yearTom Benfer
The dollar looks like it got too weak last week.
Tom Benfer
The market feels if one is in trouble, there could be more we don't know about.
Tom Benfer
I think that these countries do not want to miss out on the export opportunities in the United States and that's one of the primary reasons behind this.
Tom Benfer
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.
Tom Benfer
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