Thursday, February 28, 2013

Yen Down As Abe Nominates Kuroda As BOJ Governor

The nomination of Asian Development Bank President Haruhiko Kuroda as the next Bank of Japan (BOJ) governor has raised the prospects for more stimulus.
Kuroda is expected to follow Abe's insistence and push for easing to support growth. What we are seeing play out now is the cause behind the Yen weakness recently, as all the expectations are now being projected in the Yen's performance.

The Yen dropped by 0.2% to 92.41 per Dollar and dropped 0.3% to 121.57 per Euro.

The Yen has fallen 4.8% this year, amongst the worst performers after the Pound among most developed nation currencies.
Earlier today the Euro was little changed at $1.3154.

The Dollar is expected to extend monthly gains today Ahead of the release of a Commerce Department report which is estimated to show that gross domestic product Has risen by an annualized 0.5% in the fourth quarter of 2012. This would be a pleasant finding, as preliminary estimates had predicted a 0.1% contraction.

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