The Japanese government has followed in the footsteps of the BOJ in upgrading its assessment of the Japanese economy. They upgraded their view on exports, industrial output and consumer spending, but lowered their view on capital expenditure. I say never trust a politician…. especially ones with an election on the horizon.
Usd/Jpy had earlier reached 95.97 in Asian trading after a wave of stop loss selling hit after the break of 96.20. Then widespread Japanese investor demand for Yen crosses kicked in squeezing Usd/Jpy to 96.71. So far in Europe its been a steady move downwards, but we’ve again bounced higher this time from 96.10 back to where we are now at 96.35.
