Japanese Yen crosses sold off significantly as the Dow reversed course following the FOMC rate decision. The losses in US equities were sharp as the Dow closed near its intraday low. This was the biggest move in stocks in close to two weeks and represents a major shift in trend. The Yen will continue to rise and fall by the Dow and not Japanese economic data as disappointments fail to catch the market by surprise. Last night, Japan reported the weakest level of consumer confidence in 4 years, but we already got a hint of this from the Eco Watchers survey which also deteriorated significantly. Tonight we are expecting CGPI and the current account. We expect these numbers to be Yen positive but the focus for traders should be the Nikkei and whether it follows the Dow lower.