Yesterday the USDJPY hit 149.13 immediately after the open. However, not long after GMT 00:00, Vice Finance Minister For International Affairs Atsushi Mimura commented that officials "will monitor currency market moves including speculative trading with a sense of urgency," to which the market reacted by buying the yen. Trading subsequently fluctuated in the 148-yen range.

At around GMT 14:00 the USDJPY fell below the 148-yen level, and shortly after GMT 14:30 it had hit a low of 147.84. Trading for the day closed at 148.17 yen.

So far today trading in the USDJPY it has lacked momentum, with the price moving in the 147- to 148-range.

A look at the 1-hour chart of the USDJPY (as of GMT 04:00 on October 8) shows that, since the surge in the market that was driven by the employment statistics on Friday of last week, the price has fallen slowly but steadily.

(20-period Bollinger Band, showing ±1 and ±2 standard deviations)

Today's main economic indicators are as follows.

• GMT 12:30 U.S. August Trade balance