It's a positive background for the yen, and investors are coming back in after a large move yesterday. The economic recovery looks pretty durable and we'll be seeing the end of deflation soon.
Japanese authorities seem very comfortable with the value of the yen and investors are keen to buy. Given that there are questions about the U.S. rate cycle, people are becoming more confident in betting on the yen.
If we continue to see strong data coming through talk of higher rates will be perpetuated. Sterling has a pretty positive background.