There is a lot of concern about Cisco's earnings. Rather than risk major disappointment, people are saying it might be better to stay out of the market. And because it is a bellwether stock, Cisco will have an impact on other tech stocks.
If they were to cut rates, it might endorse the view that the Fed believes inflation is not a problem. And that can be a dangerous game.
What is clear is that Japan does not really want a strong yen. If the currency gets too strong it might stall the growth momentum we've seen coming out of Japan.