It's starting to look as if U.S. rates may peak by the middle of this year, which would imply that any further gains for the dollar are going to be pretty limited.

The bigger surprise for the market would certainly be no change. That would likely raise questions about a delay in eventual rate rises and lead people to dump the JPY.

The bigger surprise for the market would certainly be no change. That would likely raise questions about a delay in eventual rate rises and lead people to dump the yen.

Inventory levels for steel products are now getting high and suppliers are facing falling prices. The indexes have risen much faster than I anticipated and I still think the pace is too fast given the prospects for corporate earnings.

Inventory levels for steel products are now getting high and suppliers are facing falling prices.

The Tokyo exchange's system is too vulnerable for the world's second biggest bourse.