There is no more obvious way to play interest rate differentials than buying dollaryen.
One subject he may tackle is that maybe short-term rates need to be that bit higher.
Given that the employment report will be released on Friday, the appetite for selling the dollar may be limited especially with the consensus for non-farm payrolls gradually creeping higher from the original reading of 200,000.
Fukui has said nothing new, he has pretty much repeated what the market already knows and hasn't changed the timing of a shift on quantitative easing.
Given the rhetoric we've seen from the government today, the pressure, beyond moving away from quantitative easing will be very, very much on the BOJ to maintain a zero interest rate structure.
His number one objective will be to stress continuity. Continuity means more interest rate increases, so that means the dollar can keep going up.
I think it's inevitable that Governor Fukui will indicate we're that bit closer to the end of quantitative easing but I still think the message will be one of relative caution.
I think the fact that every time we've gone below 114 yen (on dollaryen) we've bounced back higher, is beginning to become a bit of a concern for those playing the short-term market by trying to push dollar-yen lower.
Overall sentiment hasn't changed significantly, obviously we've had a reversal and the selling has ceased temporarily... But the strength of the dollar has been relatively modest.
Rising oil and gasoline prices are negative for the dollar.