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Nikkei 225 surge above 35k helps USD/JPY closer to 146 again

As just noted in the previous update, the further rise in the Nikkei 225 today has helped to underpin the USD/JPY. The breakout above 34k in the Nikkei has not looked back so far and the drive above 35k has push the index to its best level since March 1990. Perhaps the USD/JPY ought to have done better under such circumstances, but of course there might be a degree of trepidation ahead of the US CPI report, due out later today. The dollar had reached a high of 145.83 late yesterday evening, as reported on here. It later closed in the US at 145.76. However, it could not make any further progress earlier today, peaking at 145.81 and then dropping back to a low at 145.28. It is off that low now and trying to push higher again as I conclude this update. The USD/JPY is currently trading at 145.53 

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