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Forex Flash:LDP edges closer to Japanese Upper House majority - Nomura

FXstreet.com (Barcelona) - Nomura Strategist Yujiro Goto of Nomura notes that the LDP won an important seat in the Upper House recently.

He begins by noting that the LDP won the upper house election, to fill a vacancy in Yamaguchi prefecture on Sunday, gaining another seat in the house. He notes that the party now has 84 seats in the house, only one seat fewer the tha DPJ. Further, he adds that the the LDP candidate won more than double the votes of the candidate supported by the DPJ and other small parties, suggesting the LDP‟s popularity remains strong, as suggested by the historically high popularity rating for the cabinet and the LDP. He writes, “The result suggests the LDP is likely to win the upcoming upper house election in July, which would allow Prime Minister Abe to serve for much a longer period than previous prime ministers.”

Forex: USD/JPY erases losses back to 98.08

Following the 15:00 GMT options cut and US pending home sales data, the USD/JPY jumped from 97.85 back above 98.00 ground, successfully erasing its daily losses at 98.08 (Friday’s closing price). Today’s load of US data was published, with Dallas Fed manufacturing business being the last indicator.
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Forex Flash: Buy USD/JPY dip this week among other recommendations for the next two months – JP Morgan

JP Morgan analysts believe this spring could prove more manageable than previous ones: “The US slowdown looks temporary because it is owed to modest fiscal tightening; Asian markets and commodity prices are less China-dependent given Japan’s strength; and Europe has more become the world’s chronic underachiever rather than its generator of acute financial risk”.
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