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Japan's second tax hike set to go ahead - FT

FXStreet (Bali) - The Financial Times is reporting that Japan will most likely go ahead with a planned second tax hike for October next year, following an interview with Japan’s economy minister Amari.

The FT cites Amari, who said that a “second increase in taxes was necessary to meet rising costs for social security and to prevent a collapse in confidence in Japan’s ability to rein in its vast budget deficit.”

The FT adds: "In judging whether the consumption-tax hike is going to be implemented or not, we have to think whether any kind of measures can be taken so that the economy does not sink back into deflation. The key point here is that the Bank of Japan and the government should be aligned with each other.”

AUD/USD: Bears in complete control, virtually no bounces

AUD/USD remains trading at depressed levels, currently near multi-month lows at 0.8940, with broad-based USD strength still the main theme driving the pair, which is resulting in virtually no bounces since the break of a 4-month range below 0.92.
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USD/JPY: Bullish trend prevails - FXStreet

The dominant bullish trend should prevail this week, with pullback still seen as buying opportunities despite the overextended move, notes Valeria Bednarik, Chief Analyst at FXStreet.
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