USD-JPY was supported near the 123.50 region, mostly by EUR-JPY bids under 109.00, but overall, the summer doldrums certainly appear to be upon us. Despite relatively weak recent U.S. data and a souring in dollar sentiment overall, the greenback has held up amazingly well. Looking ahead to next week, Q2 productivity data will be the key data, and revisions of past quarters are likely to be more important than the current numbers. Otherwise, with the exception of consumer credit data on Tuesday, we will have to wait until Friday for further first-tier data. Even then, inflation worries are not exactly driving the foreign exchange market these days.