Central bank rate hike week. Bank of Japan remains ultra loose. Sell yen.

Rate hike bonanza ahead this week:

• TUE: RBA
• WED: FOMC
• THU: BoE & Norges Bank

Last week we had the Bank of Japan stay loose:

• minor crack in BOJ resolve?
• BOJ announces it leaves monetary policy unchanged

USD/JPY on the rise. And there'll be more to come as everyone hikes again. In September the Bank of Japan (at the direction of the Japanese Ministry of Finance) spent USD19bn on intervention to prop up the yen. In the four weeks to 27 October it spent USD42bn.