News from across the continent
31/12/2012 03:00:33 AM
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26/12/2012 07:23:41 PM
26/12/2012 05:41:57 AM
Publish Date31/12/2012 03:00:33 AM
Last Update31/12/2012 05:41:57 AM
Major currencies traded weakly with the beginning of the week’s session over absence of cash liquidity in markets due to the holidays season.
Investors focus on United States Congress decision on President Barak Obama’s tax plan and reduction of government spending.
The Japanese yen continued falling against the U.S. dollar, the lowest drop year on year since 2005; the USD/JPY pair traded near 85.92 its lowest since August 2010 at 86.62.
The yen also fell 12% against the euro on yearly basis, and the EUR/JPY pair now trades near 114.68, almost highest since July 2011.
Japan’s newly-elected government and the increased monetary stimulus by the Bank of Japan cooperate to reduce the yen`s value; BoJ noted during its last meeting that inflation target will be raised to 2%, with working on adding fiscal stimulus during the upcoming meeting.
The new government led by Shinzo Abe calls for unlimited easing in monetary policies in order to support the world’s third-largest economy and raise inflation rates to avoid deflation, as the new government sees that yen’s fall is better than involvement in markets.
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