Forex: USD/JPY – Yen under pressure in NY

on Jul 19, 2013
Listen Friday July 19th: The yen gained today in Asian trading, adding more than 100 pips to its side of the equation with the pair declining to 99.81. But with New York trading now under way, increased demand for USD has pushed the pair back up to 100.47.

Sunday sees scheduled elections for the upper house of the Japanese parliament. Prime Minister Shinzo Abe’s Liberal Democratic Party and its coalition partner New Komeito are expected to garner more than half of the upper house seats being contested, according to a poll published in the Nikkei newspaper on Wednesday. Victory will give the coalition control of both chambers of parliament, strengthening the prime minister’s ability to continue and perhaps expand his government’s fiscal stimulus and deregulation projects, known by the soubriquet “Abenomics”.

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In releases earlier today in Japan:
– Foreign Bond Investment data for the week ended July 12 came out at 00:50 BST, showing that the country’s residents bought a net ¥1.1 trillion’s ($11 billion) worth of foreign bonds last week, with total holdings now amounting to ¥5.6 trillion, the highest level since 2005.
– Foreign investment in Japanese stocks, also for the week ended July 12, came out as ¥398.2 billion, substantially down on the ¥485.3 billion in the prior week.
– The Leading Economic Index for May posted a rise to 110.7 (revised up from 110.5) from 107.7 in April.
– The All-Industries Activity Index for May m/m registered a seasonally adjusted 1.1 percent rise, from 0.1 percent in the prior month (revised down from 0.4 percent) but below forecasts for a 1.3 percent rise.


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