The JPY tumbled to its lowest level since July 2011 against the USD and its lowest level since August 2008 against the EUR, as Japanese importers were reported to be selling the currency to buy U.S. dollars.
Monetary easing from the Bank of Japan as well as the rising price of crude oil have pushed the JPY down, which could be good news for exporters that have been hit by the appreciation of the Yen. Analysts are expecting this trend to reverse as the JPY buybacks begin in the near future.
Japanese Finance Minister Jun Azumi met with Chinese Vice Premier Wang Qishan in Beijing on Sunday to discuss funding support to the eurozone through the International Monetary Fund. The duo will have more to say during the G20 meeting this weekend in Mexico City.
WEEK AHEAD
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- G20 Meetings
- US Pending Home Sales
- US Durable Goods Orders and CB Consumer Confidence
- US Preliminary GDP
- Fed Chairman Ben Bernanke Testifies
- US Unemployment Claims
- German Retail Sales
