Japan’s Nikkei slipped down in the trading session as market players worried that the strong Yen could hold back economic growth. The Bank of Japan (BJ) governor and the Japan PM talked on the phone on forex-Sengoku about currency, and agreed to work closely. Players speculated that the BJ would be under pressure for further action to try and loosen its tight policies.
“The BJ needs to work harder to stimulate the economy,” Allan Edwards, co-CEO of The Markets Are Open said bluntly. “Otherwise, they’re screwed.”
“Stay away from the Japanese stocks for now.” Andy “Raw” Kibbens, star analyst and co-CEO at The Markets Are Open said at the close of the Nikkei last week. “They’re in for a rough ride.”
US stocks inched down as well as Japanese fears spread globally. Large sums of money were flowing into US bonds and JGBs.
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