After hitting a 3 month high yesterday, USD/JPY fell as the Dow tumbled more than 200 points.
Over the past few days, there has been no cohesiveness amongst the Yen crosses as pairs like EUR/JPY accelerated while USD/JPY retreated. Japanese economic data was surprisingly strong with growth in the first quarter revised to 1.0 from 0.8 percent. The trade surplus and the corporate goods price index was also stronger than expected, but that will not be enough to convince the Bank of Japan to raise interest rates tonight.
