by Martin Armstrong
Armstrong Economics
The main topic again last night was the magnitude of the advancing Yen. Despite a convincing break below the 109 (and 108 in European trading) the Nikkei only managed to hold ground to show a modest (0.22%) gain on the day. The Shanghai fell over 1.3% overnight and only just managed to hold the psychological 3k level. Yuan was fixed 6.4716 which is marginally stronger against the USD. In late US trading the Nikkei has lost a further 2% whilst the JPY traded down 1.5% on the day to within a whisker of the 107.61 (Major Weekly Reversal). China 300 and HSI both down an additional 1% from the cash close.