It's a quiet day in terms of scheduled news but not so quiet below the surface. One of the things we need to watch again is the USDJPY, which is back above 160 and the level at which the Bank of Japan staged that massive intervention two months ago.
Why does this matter? Well, there are all sorts of theories out there as to what might happen if the USDJPY begins to run away to the upside (a weaker yen versus the dollar). The primary concern is that a rapidly weakening yen would force the Chinese to devalue the yuan, too. We'll see about that but we'll definitely need to watch the...
