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Yen Drops, Lifts Other Currencies
The weakness of the yen is the main development in the foreign exchange market. The dollar resurfaced about JPY99 for the first time this week. The ostensibly driver is the realization that, as we anticipated, Japan's aggressive monetary stance has not sparked much of a reaction from the G20. The leaked draft statement appears to give it a pass. Importantly the yen selling took place in Asia. It helped lift the other major currencies and many of the emerging market currencies. Gold is recovering and has now the week's low set on Tuesday. These corrective gains are coming amid a generalized "risk-on" mode ahead of ... (full story)
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