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Dow Falls 283 Points, Japanese Yen Crosses Tumble

Thursday, 24 July 2008 22:13:16 GMT

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Written by Kathy Lien, Chief Strategist
All of the Japanese Yen crosses including USD/JPY have crumbled under the weight of the US stock market. The Dow Jones Industrial Average dropped more than 283 points, erasing the past week’s gains. The move in equities today was too big for international investors to ignore which is why none of the traditional carry trades have escaped unscathed. The Japanese trade surplus was narrower than expected, reflecting the slowdown in exports. Bank of Japan Mizuno expressed concern about a further deterioration in the economy, which is well warranted. Consumer prices are due for release tonight along with the corporate goods price index. Although this will matter for the Yen, it won’t matter as much as the move in the Nikkei, so keep an eye on Japanese stocks.
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