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Yen gains as IP sinks - MUFG

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Derek Halpenny, European Head of GMR at MUFG, notes that the only equity markets in Asia not to advance were in Japan – the Topix Index dropped 1.3% due to the drop in USD/JPY after Yellen’s speech.

    Key Quotes

    “The negative sentiment was further reinforced by the 6.2% m/m drop in industrial production – the largest drop since the earthquake and tsunami in March 2011. The drop was however distorted by a steel mill shutdown which disrupted auto production. Still, the projection for March was for a further modest drop underlining the probability of a contraction in Q1.

    There is much anticipation of renewed capital outflows from Japan once the new fiscal year begins in April. A continued improvement in financial market conditions would certainly encourage that which should help provide support for USD/JPY on any approach to the 110.00 level.”
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