His number one objective will be to stress continuity. Continuity means more interest rate increases, so that means the dollar can keep going up.

I think the fact that every time we've gone below 114 yen (on dollar/yen) we've bounced back higher, is beginning to become a bit of a concern for those playing the short-term market by trying to push dollar-yen lower.

A banking crisis is a more realistic view than at any time in the last few years.

There has been a shift this week towards expectations of another U.S. interest rate rise in March -- the interest rate differential is there and it is helping the dollar.

We could argue possibly that we've seen a little bit of stability since we've had the interest rate cut out of the way. Certainly the market is not as convinced over the need for further substantial monetary tightening in the UK.

The consensus is that we are definitely going to war and it's probably two to three weeks away, no more than that. We can take it as a given that the Bank of Japan is in the market at or around 117, so that the low we have tested in the past at 116.80 remains intact.

I think it's inevitable that Governor Fukui will indicate we're that bit closer to the end of quantitative easing but I still think the message will be one of relative caution.

The broader picture for the yen's decline is down to the continued deterioration in Japan's trade surplus.