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Japanese economic recovery efforts to launch Nikkei 17% higher to 13,000, Amari says

Economic and fiscal policy minister Akira Amari put out some juicy comments over the weekend, saying that the government will accelerate economic recovery efforts, and as a result, the Japanese Nikkei index is expected to climb an additional 17% to 13,000 points by the end of Q1.

“It will be important to show our mettle and see the Nikkei reach the 13,000 mark by the end of the fiscal year (March 31). We want to continue taking (new) steps to help stock prices rise” Amari said in a speech, and cited by Japan Times.

Forex: EUR/JPY, is 127.70 the top bears have been waiting for?

After a 12-week winning streak, with the exception of marginal losses in early December, the Japanese Yen finally managed to step into positive territory against the Euro last week, first fading the last longs to join the party at a key weekly resistance at 127.00/50 before a sharp sell-off led the spot rate to break through 124.00.
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Forex: EUR/USD unchanged around 1.3365

EUR/USD is so far unchanged from previous weekly close Friday around current 1.3368, still inside a 20 pip range for the day, with most Asian markets closed today for holiday. Major risk event ahead will be Eurogroup meetings in Brussels all day long, where French Fin Min Moscovici is expected to raise the issue of the strong euro with eurozone counterparts, Reuters reported.
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