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Flash: Yen weakens in Asian trading session after recent gains - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the yen has weakened in the Asian trading session following recent modest gains with USD/JPY rising back towards the 102-level.

He continues to see that financial market conditions in Japan still remain volatile in the near-term with the Nikkei 225 index having extended its decline early in the Asian trading session towards the 14,000-level before bouncing modestly higher throughout the day. He adds that the Nikkei 225 index remains around 10% lower than late last week but 65% higher than the low from November of last year. Further, he comments that volatility also remains elevated in the Japanese government bond market with the 10-year JGB yield rising back above 0.90% overnight. Hardman finishes by commenting that, “Academic Koichi Hamada who is a close advisor to PM Abe described the recent sharp sell off in the Japanese equity market as a “natural correction” with Abenomics working as well or better than expected. He called on the BoJ to ease monetary further if required. He also stated that USD/JPY at the 100-level may restore competitiveness to Japanese industry with more yen weakness “not out of the question”.”

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