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Japan’s Economy in the Gutter: Will the Yen Follow Its Lead?
Historically speaking, the Japanese yen has proved to be a safe haven against global turmoil. Right now, however, Japan’s economy is among the worst hit of all the global powers. It is ill prepared to weather the global storm and it’s falling like a rock.
That’s why, this time around, as Japan’s economy falls away, I think there’s a very good chance the yen could drop as well.
Obviously, this would be very bad news for the huge numbers of speculators and institutions that have literally bet their existence on yen-based hedging strategies. But while a freefall in the yen would be…
24Feb2009 | Money Morning | 0 comments | ContinuedEQUITIES LOOKING AT A NEGATIVE SESSION AS TRADERS SCALE BACK RISK AHEAD OF RATE CUTS
The Dollar and yen hold their stature as safe haven currencies, as investors brace themselves for a selloff in the US trading session. The EurUsd fell 85 pips to the low range of 1.26, while the UsdJpy dropped 140pips finding support near 94. The GbpUsd collapsed 400pips pushing the pair through 1.50 currently trading with a 1.49 handle. Equities in the US declined with the Dow down 360pts or 4.0% and the S&P500 off 30pts or 3.6%. The US followed the trend of the European stock indexes which are also in the red, both the FTSE and the DAX down…
1Dec2008 | Advanced Currency Markets | 0 comments | Continued
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