Meanwhile, the euro has been steady despite a report that the euro zone is once again in recession.
All this is giving Willie Williams, director of institutional derivative sales at Societe Generale, an idea.
"I like selling the euro against the yen," he told me. Economic conditions in the euro zone are only going to deteriorate further, he says. "Heading into Q4 its clear that momentum has slowed, especially in the manufacturing sector. Looking forward to 2013 the impact of European fiscal tightening will cut growth even further by an undermined amount yet substantial amount."