This unwind, while quite large historically, is nothing compared to the unwind experienced in Oct. 08. That made these moves look like a slight "fluctuation." A little forex humor I heard the other day. A Japanese man goes into a US bank quite angry one day. He storms up to teller and says: "Friday I come into bank and change yen for dolla and you give me 1 dolla each 100 yen. Today I try to get dolla and you give me 1 dolla for 102 yen. Why you do this? The teller looks and him and shrugs. "Fluctuation." The Japanese man gets even more angry. "Fluc you white guy too!" and storms out.
Fri May 21, 1:31 am ET TOKYO (AFP) â Japanese Finance Minister Naoto Kan said Friday that the "excessive rise of the yen was not desirable", as the safe-haven currency rapidly gained on worries over the global economy. "We want to monitor the situation so that the appreciation of the yen will not become excessive," he told a press conference. "It is desirable that it will stabilise at an appropriate level," he said. However, he added that the government did not currently plan to take specific action. http://news.yahoo.com/s/afp/20100521/bs_afp/japanpoliticseconomyforex