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Forex Flash: Departure of Mr Shirakawa, Departure from Banknote Rule - Nomura

Nomura Strategist Yujiro Goto notes that as Mr Shirakawa prepares to depart the BoJ, The DPJ policy chief, Mr. Sakurai, today said the party would support Mr. Kuroda’s nomination for BOJ governor and nomination of Mr. Nakaso for deputy governor, while it would oppose the nomination of Mr. Iwata for deputy governor

He feels that this is well expected and not a surprise. As the DPJ, the biggest party in the upper house, supports Mr. Kuroda and Mr Nakaso´s nominations, they should be approved by both houses. However, while the DPJ is likely to oppose Mr. Iwata´s nomination, Your Party, New renaissance Party, and some independent lawmakers are expected to support the nomination. Thus, Mr. Iwata is still likely to be supported by a majority in the upper house. Your Party and JRP are going to release their decisions tomorrow, according to Bloomberg.

Forex Flash: Shadow Banking Darkens China Policy Outlook - Alliance Bernstein

Anthony Chan, Senior Asia economist at Alliance Bernstein notes that the shadow banking system is darkening China´s policy outlook.
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Commodities Brief – Gold makes failed attempt at 1600, crude oil overtakes 93.00 mark

Gold prices rallied earlier today, however the attempt to overtake the 1600 mark/calculated resistance/upside barrier was stymied. After the US open the yellow metal has once again gone on the defensive Tuesday, paring some of is recent gains and settling at USD $1594.05 per oz. Investors will await a fresh signal as to the direction of gold in the near-term, as a break of the 1600 level could lead to a move higher.
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