let's bring in mark cudmore. what you make of the moves -- is this a rational move? they go again in december and it seems to be the thinking at this point. mark: i think it is a rational move in the yen and i do think the boj goes and december. the price and the market is 60% that they will hike. i think that is reasonable. if you force me to choose i would say they will hike in december but it is not my conviction. i think 60-40 is a fair way to look at it. they are worried how many more chances they will get and given the tokyo inflation print is normally a good indicator of the national print. and as avril hong excellently outlined this shows promising signs. i think it makes sense we are seeing a yen rally. the dollar is volatile. where can dollar-yen go if the boj will hike? the dollar is its own wild component but i could see dollar again getting down to 147 in the next couple of weeks. i'm not sure dollar yen will go much lower after that. i don't think this is the start of a long-term trend. tom: but maybe 147 the next level for the japanese yen. on france, t