Investors had at least three things to worry about: Greece and peripheral Euroland, the US fiscal cliff and Japan’s impending election.

Worry one was the perceived reluctance of the International Monetary Fund to finance an extension to the terms of Greece’s bailout and a growing belief that public sector creditors - Euroland governments and the IMF itself - would have to take a loss on their loans to the country. But that was really just another take on the concern that has stalked the euro for two years and more.

Worry two has faded over the weekend when the US Treasury Secretary Tim Geithner said that a compromise deal “is within our grasp, within our reach”.

Worry three began when Prime Minister Noda dissolved parliament for a general election and opposition leader Shinzo Abe called for unlimited monetary easing by the Bank of Japan.

For a whole host of reasons that means a weaker yen if he wins the election. It might not happen quickly but if the presses get going it will happen.