European economies are picking up. The German economy in particular is expanding, shown in yesterday's confidence figures, supporting the euro.

The dollar will probably stay strong, as the U.S. economy is holding up.

You don't need to think the economy is losing momentum.

Strong economic figures will confirm the Japanese economy is doing better, reinforcing expectations of an end to the zero- interest-rate policy as early as the fourth quarter. That's yen positive for sure.

The CPI proved not so helpful for the yen's rises. The market is now shifting its focus to the policy meeting.

Given what's already priced in, I don't think there's any reason for the yen to rise much further.