Forex: USD/JPY below 100 again

on Jun 5, 2013

The US dollar traded higher compared with most of its major rivals during Wednesday’s Asian session.

On Monday the USD/JPY began the week by hitting a low at 98.86, following the release of the last manufacturing Purchasing Manager’s index from the Institute for Supply Management. The data showed a fall to 49.0 in May from 50.7 in April.
During yesterday’s European session, the pair started a strong recovery and increased to a 100.39, daily high. Japan’s monetary base release showed a rise of 31.6 percent in May against April’s 23.1 percent.

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The Japanese Prime Minister Shinzo Abe observed today: ‘I think the most important target to achieve is per capita gross national income. That’s because the aim of our growth strategy is nothing other than to create jobs for enthusiastic people and raise take-home pay for those who are working hard.’
Abe introduced a flood of fresh economic policies to revive the nation’s economy and pledged to boost income by 3 percent. The growth strategy is the ‘third arrow’ in his ‘Abenomics’ prescription to spur sustainable growth. Hyper-easy monetary policy and big government spending are the first two ‘arrows’.
The prime minister also outlined plans to achieve 2 percent inflation in less than 2 years.
After his speech the USD/JPY again plunged below the 100 level and is currently trading at around 99.75.
Later on today, the Institute of Supply Management is due to release data on US service sector activity.


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