but as cibc's private wealth rebecca baben said, the odds of a calculation mistake are rising here. >> they may not want a wider conflict, but one of the reports i heard earlier today was that the assassination of the hamas leader in tehran may have come as a result of a drone-fired missile that originated inside of iran. so you've got the potential of an infiltration of iran's sovereign territory, and it would seem that they would have to respond to that kind of provocation. >> yeah, there are a lot of moving parts here, and i think that that's part of what analysts are saying, is that even if at the high level, both sides don't want this wide-scale war that would be very costly in terms of economics and the human toll, the more you have this escalation and all of these different parties and different countries involved, the more you could have a mistake or something that's unintended. and then it just raises the stakes for everyone involved. and so we really do have to see what iran does and the oil market is now pricing a little bit more geopolitical risk premium. but it's the fact

a stretch of cibc writing this. should the bank desist from tightening as we assume. mindful of dollar-yen retracing half the recent correction. we are reminded of a correction back to 156.90. jeremy we have seen massive swings in dollar yen the last couple of days what do you think has been going on. is this about fundamentals looking to the possible rate hike or is it something more than that? jeremy: there are a couple of things in play in the context of this move. we've seen access yen short positions. some of those have been partly compromised but i think also at the same time we see increasing speculation of late regarding the prospects of a boj hike into next week's meeting so in the context of yesterday's mood when we traded below 152. we were trading in the region of nine basis points higher in terms of pricing for next week. amplification in terms of boj assumptions. they've really amplified the uncertainty of course when it comes to risk very much under threat in recent sessions. there certainly a couple of factors in play. we expect once again the bank to