The dollar remains firm, as the absolute U.S. interest- rate advantage still continues to exist. Rates hikes by the BOJ are a long way off.

I do not think the ministry will actually interfere in he markets. But other central banks such as Korea's may do so, helping the dollar rebound.

With the huge amount of money that Japanese sent abroad, repatriation flows could have a major effect on the dollar-yen through March.

Strong figures will boost expectations of higher growth in consumer spending in the U.S.. That will heighten expectations of at least two more rate hikes from the Fed, supporting the dollar.

The communiqué reflects our particular concern about the negative impact that excessive increases in short-term interest rates in the major industrialized countries on growth prospects and the cost of credit for developing countries. We are also concerned about the potential dangers of too much volatility among the major currencies and financial asset markets.

The communiqué reflects our particular concern about the negative impact that excessive increases in short-term interest rates in the major industrialized countries on growth prospects and the cost of credit for developing countries. We are also concerned about the potential dangers of too much volatility among the major currencies and financial asset markets.