The Nikkei is under pressure in Tokyo after another lousy close on Wall Street. Concern (misplaced, in my view) that Congress will fail to speedily inact the TARP package is weiging on sentiment.
News early this evening that Buffett had put $5 bln into Goldman with the potential for $5 bln more should help lift sentiment, at least in the US, I’d imagine as his buying should be seen as a sign that the worst may be over for the banking sector now that risk profiles are being reduced on Wall Street. If tyhat manifests itself later in the session EUR/JPY below 155.00 may look cheap.
