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JPY Daily News
JPY Positive despite Leadership Issues.
Despite the bearishness against the USD, the JPY saw bullish trends against all of its other major currency counterparts. The JPY fell 0.7% against the USD and closed at 108.85. The EUR/JPY fell from 157.91, down to 157.08.
The export based Japanese economy took advantage of the drop in Crude Oil prices, which should help lower the transportation costs of Japanese exported goods across the world. The only scheduled news event that was announced yesterday was a speech by BOJ Governor Shirakawa, where he indicated that Japan's economy will return to a moderate growth path and is unlikely to face a sharp fall, which will help strengthen the Japanese Yen. The data also offset concerns regarding the sudden resignation of Japanese Prime Minister Fukuda, whose shock announcement sent waves throughout the financial world. Many feel that yet another change in power in Japan will cause problems with the new stimulus package that was intended to pull the Japanese out of imminent recession.
Today, the JPY will be absent from the economic calendar, and traders are advised to follow global developments, as the USD and EUR are likely to determine JPY's movements for today.
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