Yen Crosses Move in Lockstep with Dow

The Yen crosses are up across the board today as they continue to move tick by tick with the Dow Jones Industrial Average. There was no meaningful Japanese economic data released last night and there will be none for the remainder of the week which means that the ebb and tides of carry trades will continue to be determined by the market?s overall appetite for risk.

According to unnamed source at the Ministry of Finance, the government is not too concerned about the recent movements in carry trades or the impact of the US subprime problems.