Yen strengthens – G20 turns on Kuroda ,North Korea next ?

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What a week ,the Yen was like a see-saw , up up up down !! In the end the yen maintained an advance from the end of last week before a Group of 20 meeting where Japan may face criticism over stimulus efforts that have weakened the currency, I do chuckle that the G20 are saying this , as the FEB , ECB and BOE have been doing this for years ! But Japan is doing it to boost inflation .

Japan’s currency touched a one-week high, having slumped to the lowest level in four years on April 11 at just short of 100 per dollar, I was so unhappy at this as I had a position on it touching a 100 ! Its not if it touches 100 but when . After the U.S. Treasury Department said April 12 it would put pressure on Japan to refrain from competitive devaluation. Bank of Japan (8301) Governor Haruhiko Kuroda gives two speeches today, after surprising markets on April 4 by doubling monthly bond purchases, seeking to end 15 years of deflation.

Governor Haruhiko Kuroda has his vision and is adamant he will achieve it . But the BLACK SWAN is North Korea , today there will be a missile launch and as such fear will kick in and yen will strengthen .

As I type this I am listening to John Kerry United States Secretary of State and I am pleased to hear he is encouraging talks but also stating we will not be bullied , strength not appeasement .

Monday is such a great start to the week , it has the promise of all possibilities in the week ahead .

Lock and load ( not the best phrase in the current climate I know !)

Tony Evans

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