Yen and the art of market cycle maintenance

Background: Possibly the key development this month (after strong Japanese and US data as well as the Japanese election) has been the release of sales and earnings data from the key Japanese car manufacturers. Over and above the strength of the earnings in the first half of the fiscal year, possibly the most important aspect was the strength of their sales in the US in October. Toyota Motor Sales USA's October sales rose 11.7%, while Nissan North America's rose 18.3%.

As one of the principal

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