Trump chatter was worth about 30 pips in USDJPY and couldn't even get a look in at 112.50

Spending plans are fine and dandy until you have to start accounting for it. The market has tried to like the Trump comments since he took over, and has largely ignored how he's going to pay for it all. The time has come to start counting the pennies.

Trump has just said that he's going to take $54bn from non-def spending to pay for $54bn in def spending. And thus Trump steps into the real world of politics where governments give with one hand and take with the other.

USDJPY looks more likely to break 112.00 than 112.50 and stocks aren't buying the comments either.

USDJPY 15m chart