Japan's interest rates are still low. The rate- differential story still attracts Japanese investors to higher yielding assets.

I think the dollar will try the upside if the data are good, but I don't think it will find momentum.

There's more upside risk on the dollar as the rate differential still attracts buyers. The U.S. economy is on a firm footing and the Fed may raise rates at least twice by March.

Fed officials' comments point to the risk of faster inflation. We expect three or four more rate hikes this year.

It seems the U.S. housing markets remain overheated. This will give the Fed another reason to keep raising rates, supporting the dollar.

Still, [Japan] will keep its low interest rate environment. And more and more money from individuals and (corporations) will flow into America and Europe -- mostly to North America.