Dollar Yen toppish at 77.00 in Asian session to early Europe - Forex Trading Update

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by: fxsolutions
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Date: Sun, 18 Sep 2011 Time: 1:18 PM
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"Dollar Yen has moved sideways in a 20-pip trading range (H 77.00 L 76.80)", reports Chris Advincula, Market Analyst at FX Solutions (http://www.fxsolutions.com/) on 30th August 2011.

"The euro-yen range is equally narrow (38-pips) H 111.83 L111.45.

The rates are slowly creeping its way lower as modest yen buying interest builds up after the appointment of a new Prime Minister in Japan.

"Changing of the Guard"

The ruling Democratic Party of Japan yesterday chose Yoshihiko Noda (54) to be the next Prime Minister of Japan succeeding Naoto Kan (64).

Being the 31st prime minister elected after World War II, Noda faces many fiscal policy and domestic challenges. He advocates an increase in levies and taxes to finance the reconstruction of the damages from the recent earthquake and tsunami. The government plans to spend 19 trillion yen ($248 billion) over the next 5 years.

The unpopular Naoto Kan is stepping down after much criticism from the nation and his fellow Democratic members on his late response and method of handling of the earthquake situation and his undecisiveness on the Fukushima nuclear power plant disaster and the radiation leak consequences.

Nikkei is +114.97 points at 8,966.32 (+1.30%)
Hang Seng is +440.88 points to 20,306.00 (+2.22%)
S&P ASX +3.20 points to 4,266.50 (+0.08%)
Shanghai is +25.61 points to 2,602 (+0.99%)"

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