By Grant de Graf
Yesterday at about 5pm EST the Yen made a major correction of over 5%. Guess what? Within about four hours that spike had been literally wiped out and gains were quickly parred. Reports suggested that because of the huge amount of foreign Japanese assets that would need to be liquidated to repatriate funds and pay for rebuilding, the USD/JPY was being hammered. After the Japanese government issued a statement that no foreign assets were being disposed, the market quickly corrected itself.
No comments:
Post a Comment