Japanese Yen: Quarterly Tankan Report on the Calendar

The volatility in the Dow has caused a significant amount of volatility in the Japanese Yen crosses.

The US dollar broke below the 105 level shortly after the London open but ended the day higher against the Japanese Yen. Aside from NZD/JPY, the other Yen crosses ended the day the lower. The JMMA Manufacturing PMI figures fell to a 6 year low, along with depressed Housing Starts and Construction Orders. Looking ahead, the Quarterly Tankan report which measures business confidence is due for release. Given the slowdown in the global economy, the market expects business confidence to deteriorate materially.