[Analysts said there was no specific news that fueled the downward pressure.] People can always find a reason to sell the euro, ... It's a one-directional currency for now. |
Everything they have said suggests (Japan) will not (step in to weaken the yen). |
Our reading is that their aim is not to begin a tightening cycle but to reinstate a normal monetary policy. |
The fear is that the tension will result in new elections and Turkey won't be able to put in a strong anti-inflation program. |
The market is underestimating the Bank of Japan's determination to return to a more normal interest rate structure. |