Yen Slides Against All G-10 Peers As Abe Seeks 2 Trillion Stimulus Package

Heads up, the yen is on the move against … well… against everything, suddenly falling against all of its G10 peers, apparently on this:

From Yomiuri:

The prime minister plans to instruct related ministers to announce 2 trillion yen of new economic measures within the year after announcing the change in consumption tax increase at the economic and fiscal advisory council on the 25th.

It aims to appeal as a backing that realizes the ‘human resource development revolution’ of signs policy which appeals through the House of Representatives election.

Here’s USDJPY, which was already on the move, presumably buoyed by the prospects for tax reform in the U.S.:

USDJPY

And you can really see the move in EURJPY, which has now reversed the entirety of the post-German election move lower and then some:

EURJPY

So I guess, in combination with the BoJ promising to keep the pedal to metal on the easing, this should be good for about a million points on the Nikkei.

************

Advertisements

One thought on “Yen Slides Against All G-10 Peers As Abe Seeks 2 Trillion Stimulus Package

  1. 2 trillion is nothing compared to ETF positioning, so it is the spirit of the thing. But then this is a test charge into the relative hawkishness of $ and €.

Speak On It