USD/JPY is quiet – too quiet?

USD/JPY has dripped lower from highs above 153.00 during US time.

Not a lot lower, but I’m sure Japanese authorities will welcome any relief from the pounding JPY has taken, no matter how small.

The dip for the US dollar was attributed to the Beige book:

• Forexlive Americas FX news wrap 23 Oct: Dollar moves higher but Beige Book tempers gains

Bank of Japan Governor Ueda spoke during US time:

• BOJ Governor Ueda: Underlying inflation has been rising slowly

I’ve been saying that the BoJ seem hell-bent on raising rates … but I also add that there is still quite the disparity between US and Japanese rates. Enough for building of major carry trades? Dunno. But approximately 12 big figures in around 4 weeks is sure something.

This article was written by Eamonn Sheridan at www.forexlive.com.