The yen is higher against major currencies today despite the Japanese Government unveiling a ¥920bn stimulus package and the BoJ extending an additional ¥10trn of lending to banks.
America's largest stock markets reported very light trading volumes on Monday as a flurry of M&A did little to reassure investors of the strength of the global recovery.
No-one should underestimate the significance of recent comments on economic policy made to scholars and businessmen by China's premier Wen Jiabao.