The Japanese Yen went extremely volatile against its major currency pairs yesterday. The Yen closed 15 pips higher vs. the USD at the 89.95 level. This was despite the pair trading significantly lower throughout much of Monday's trading. The GBP/JPY and EUR/JPY moved a lot in yesterday's trading. However, both of these pairs finished trading virtually unchanged from yesterday's opening.

Last night, the Japanese economy released some important data. This included both the Current Account and the M2 Money Stock. The former was worse than forecast, and the latter was better than forecast. Results such as these explain the mixed feelings of traders towards the JPY. The most important release that investors need to follow from Japan later today is the Core Machinery Orders at 23:50 GMT.