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Forex Flash: Expect an export driven recovery in Japan - Nomura

Nomura economists are expecting an export driven recovery in Japan to be driven by a pick up in China´s economic recovery, which should deliver positive growth in Q1 2013.

They feel that the export recovery should stimulate domestic demand and ensure the overall economy is in a stable growth phase in 2013. Importantly, they emphasize that, “We expect the BOJ to extend duration of APP-eligible JGBs to 5yr and to raise purchases by ~JPY10trn at its April meeting.” Overall, the feel that the main risks are Yen appreciation, a worsening European debt problem and the US and China slowing.

Greece Industrial Production (YoY) decreases to -4.8% in Jan

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Forex Flash: Yen decline intact with little to disrupt momentum for now - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that after the stronger than expected employment report from the US on Friday, the USD/JPY rate has continued to drift higher and there was nothing during the Asian trading session to disrupt that momentum.
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