Speculative $/¥ selling discouraged
Japanese machinery orders for November were stronger than expected, jumping by 19.9% month on month and 15.1% year on year. The latest weekly Japanese portfolio flow data shows that net securities inflows were ¥1.5317 trillion in the week ending January 8, both providing support to the yen. Global monetary officials continue to stress the notion that rigid Asian currency regimes need to adjust, and the notion that China (and other Asian countries) will eventually give into that pressure and
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