The dollar neared JPY152, setting a new 34-year high. This appeared to spur a senior official meeting in Tokyo, ostensibly to talk about the response. Previously, we suggested that Friday, when most markets outside of Asia will be closed, could provide an interesting opportunity for intervention. The implicit threat was enough to take the dollar to JPY151.10 in the European morning. Most of the G10 currencies are softer against the dollar but the yen. A dovish Riksbank had negligible impact on the Swedish krona. It could be the second G10 central bank to cut rates, following last week's Swiss decision. It may move in ... (full story)