The yen was strong against the dollar on Friday, July 21st, as were many other major currency pairings during a period of intense speculation on whether or not the Federal Reserve may halt its rate raising efforts in the month of August. A few days before the weakening of the dollar the greenback hit a three-month high, but then hit the end of the week lower against all major currencies. Ben Bernanke, the new Federal Reserve Chairman after the retirment of Alan Greenspan earlier in the year, said he expected inflation to ease up as the economy slows down, comments that sent a ripple effect throughout the currency trading market industry. Some expectations of a Fed rate hike on August 8th still remain, but it is the impressions of the traders that matter most when the currencies are paired.