by Martin Armstrong
Armstrong Economics
Japan remains unloved opening down 1% and then drifting even lower as exporters led the way. The JPY has seen the safety bid for the majority of the week whilst the Nikkei has lost around 4% so far. Finally we saw a little support return for JGB’s since the news but then they have seen yields rising (or I should say, less negative) since the end of July. HSI sadly joined the equity sell-off today having missed trading yesterday due to the typhoon hit. The Shanghai Index spent the majority of the day in positive territory and even closed around the days high levels but not really a significant positive closing just 0.3% firmer.