Tomoko Fujii News
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Japanese Finance Minister Jun Azumi indicated increased concern about the yen’s advance, reiterating his resolve to take action against abrupt and speculative movements in foreign-exchange markets.
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The euro may rebound to the highest level in almost three weeks against the yen, according to Bank of America Merrill Lynch, citing trading patterns.
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The euro’s five-month decline is bringing it toward an “historical milestone” and a break below that may send it down to $1.16, according to Bank of America- Merrill Lynch.
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Japan and China will seek to coordinate on supporting the International Monetary Fund’s effort to contain Europe’s debt crisis, Japanese Finance Minister Jun Azumi said.
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The yen gained against all of its 16 major counterparts amid concern that leadership contests in France and the Netherlands will hinder efforts to resolve Europe’s debt crisis, boosting demand for haven assets.
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Finance Minister Jun Azumi’s pledge to take “bold actions” on the yen may be put to the test after a rally in overseas bonds reduced their yield advantage over Japanese debt.
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The euro’s drop in the past month has pushed the currency through key levels on a so-called ichimoku chart, indicating its decline may continue to $1.25 next year, Bank of America Merrill Lynch said, citing trading patterns.
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Japanese Prime Minister Naoto Kan’s aim for a weaker yen to boost exports is running into resistance from traders who are the most bullish on the currency all year.
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The yen is poised to rise as high as 78 per dollar as the victory of Japan’s Prime Minister Naoto Kan in a ruling party election damps the likelihood of intervention, Bank of America Merrill Lynch said.
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The yen tumbled from a 15-year high versus the dollar after Japan intervened for the first time since 2004 to curb gains that threaten an export-led recovery.
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