Normal service will only resume back on 7 May
As Tokyo traders are about to leave their desks today, just be reminded that they won't be back until 7 May as Japan will observe a 10-day holiday starting from tomorrow.
The yen is holding more steady today but part of the reason why it gained some bids over the week has been speculation that traders are fearing about another possible flash crash - like the one in January - in the currencies market during this period.
I want to say that when markets tend to "prepare" for things like these, they often don't pan out because everyone is anticipating it. However, in periods of thin liquidity, especially in the so-called 'twilight zone' between North American and Asian trading, it's very much like the wild, wild west at times.
And with the sheriff leaving town for a couple of days, who knows what can happen?
