There are many reasons to believe that USD/JPY will head lower in the coming months, most of which centers around the weak US and global economic outlook.

The euro and British pound are selling off aggressively today on the heels of comments from government officials and market players.

The Federal Reserve has officially run out of room to cut interest rates.  For the first time since August 2007, they left interest rates unchanged at a target range of 0 to 0.25 percent.

For the first time since August 2007, the Federal Reserve is not expected to change interest rates.

The Bank of Japan is either very serious about intervening in the currency market or it wants to keep currency traders on their toes.

The rebound in the foreign exchange market was short lived as another wave of risk aversion hits currencies.

There has been a lot of volatility in the foreign exchange market this morning, driving currencies to historic levels.

The British pound has fallen to a 7-year low against the US dollar and a record low against the Japanese yen.

The theme in the markets this morning is a return of risk appetite.

After having cut interest rates by 50bp this morning to 2 percent, ECB President Trichet is finally buckling down and signaling that he is ready to cut interest rates again.