It's not clear what will happen to Europe. A lot of questions have been raised by this vote and none of this is immediately positive.

There's a justifiable degree of cynicism about the new coalition. People are unsure about what it will deliver in terms of economic reforms.

If the BOJ can deliver an exit strategy without creating undue political friction, it could be the catalyst for some associated recovery in the yen, a move that will only be amplified, the more stretched the speculative market allows itself to become.

The rise in output prices ... will not ruffle the doves unduly when the Monetary Policy Committee meets next month to decide on interest rates.

The rise in output prices ... will not ruffle the doves unduly when the MPC meets next month to decide on interest rates.

There is a big hangover from soft U.S. data we had yesterday which worked in the direction of dollar weakness.