by Martin Armstrong
Armstrong Economics
There appeared little reason the JPY to strengthen as much as it did yesterday during any of the sessions but that said, we did see 99.75 at one stage yesterday. No-one knew why and so in Asia back it traded to 101 again. In late US trading we have seen another attack at the par level, more on the release of the FED minutes but it appears money is finding its way into the Japanese Yen. The Nikkei did have a good day but much of that has been reversed this evening as futures are trading -0.5%. The Shanghai index continued to trade off of the much discussed Shenzhen/Hong Kong connect in the hope of fresh capital import so there remains optimism but it is starting to be old news now.