With the Dow up 117 points today, it would be surprising if carry trades or the Japanese Yen crosses did not rally. The biggest strength was in NZD/JPY, AUD/JPY and CAD/JPY all of which benefitted from the sharp rise in commodity prices.
Leading indicators were flat which was right in line with expectations. This represents a deterioration from the prior month’s data. The Bank of Japan has zero room to alter interest rates even though