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With risk aversion back in fashion, everyone is running for the US dollar, and this has helped to push up USD/JPY for now.
In fact, September has been a fairly good month for the US dollar, as the absence of any explicit commitment to QE3 by the Federal Reserve (backed up by yesterday’s non-speech by Ben Bernanke) gave the American currency a lift. This theme may continue to dominate USD/JPY trading up until the Fed meeting of 20/21 September, as markets desperately try to divine from various Fed officials whether the Fed will actually fire up the printing presses once more. Even the slightest hint of more monetary stimulus, however, could send the yen racing higher once again.
