Asian markets are up this morning on the back of Ben Bernanke’s comments that the recession had likely ended, with the exception of the Shaghai composite , opening down 0.2%. Advances on the Nikkei came as the new DPJ government takes power. The Nikkei is currently up 1.2%.
However, with a string of national holidays next week and Japan’s fiscal year end, traders are reluctant to take on new FX positions. Still, caution towards a higher Yen persists as veteran Hirohisa Fujii is sworn in a finance minister. He has said in the past that a strong Yen is good for Japan as it curbs import costs.
