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JPY weakening trend remains firmly in place – BTMU

FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ notes Yen has weakened further in the Asian trading session, reversing the gains recorded yesterday.

Key Quotes

"The yen has weakened modestly in the Asian trading session having reversed initial gains recorded yesterday following the release of the weaker than expected Japanese GDP report for Q3. The Japanese equity market has also rebounded overnight with the Nikkei 225 index increasing by just over 2.0%."

"It has been reported by public broadcaster NHK that Prime Minister Abe will hold a press conference later today at which he is expected to officially announce that the sales tax hike planned for late next year will be delayed and that snap elections will be held on the 14th December.”

“A Bloomberg survey released overnight revealed that the median estimates of economists is for the sales tax delay to boost real GDP growth in both FY2015 and FY2016 by 0.3 percentage points. It has also been reported that the government could have as much as JPY4.6 trillion available for additional fiscal stimulus."

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