- Japan exports, outright weakening somewhat on overseas slowdown but domestic demand holding up
- Must be vigilant of risk Europe’s debt woes will hurt Japan, global economies
- Fears of US double-dip recession have subsided but current market view of US economy may be too optimistic
- Yen rise has more demerits than merits for current Japan economy given very high certainty over overseas economic outlook
- BOJ will continue to offer monetary stimulus as much as possible
- Don’t think BOJ’s forecast of 2.2% GDP growth for fiscal 2012/13 is too high
Reuters reporting.
USD/JPY sits at 76.90. Talk of buy orders clustered 76.50/60, including Kampo interest, stops below. Buy stops seen through 77.35.