BOJ dollar funding operations show that the greenback is still in demand

But at least the operations are helping to ease the funding squeeze

Banks borrowed a record $89.3 billion from the BOJ's dollar funding operations today, surpassing the previous record of $50.2 billion seen in 2008 during the financial crisis.

On the one hand, this shows that it will take some time for dollar funding pressures to ease - if it even does - but at least the swap lines and funding operations like these are helping to alleviate the squeeze in the market, thus keeping the dollar at bay.