Junya Tanase News
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The currency market is experiencing a bout of deja vu, with the yen’s tumble to a 4 1/2-year low and the dollar’s rebound drawing resemblances to 1995.
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The yen may revisit this year’s record high against the dollar as Japanese investors refrain from investing in overseas assets to reduce risk following the nation’s biggest earthquake, according to JPMorgan Chase & Co.
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The yen strengthened against most of its major peers as Asian stocks slid amid signs manufacturing is slowing across the globe, boosting demand for refuge assets.
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Toyota Motor Corp. , the automaker that built 45 percent of its cars in Japan last year, may need to produce more abroad because of the yen’s near-record strength following the nation’s most powerful earthquake.
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Australia’s dollar fell along with Asian stocks amid concern the European Central Bank’s cut in interest rates yesterday won’t be enough to stem the region’s debt crisis, damping demand for riskier assets.
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Japanese government bonds are set to extend the longest quarterly rally in nine years as faltering demand cements deflation in the world’s third-largest economy.
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Junya Tanase , chief currency strategist at JPMorgan Chase & Co. in Tokyo, comments on the possibility that Japan will intervene in currency markets after the yen surged to a postwar high.
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There’s been no better currency in 2011 than the yen and strategists forecast more gains, even as Japan promises to intervene again in foreign-exchange markets and expands the world’s biggest debt burden.
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The Australian and New Zealand dollars fell on concern Europe’s leaders won’t reach a resolution to the region’s debt crisis at an Oct. 23 summit.
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Tighter regulations on currency trading in Japan are coming just in time to help to Finance Minister Yoshihiko Noda rein in a yen that’s the most volatile in more than two months and trading near a record high.
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