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Japanese Yen Consolidates Monday's Moves as DJIA, S&P 500 Close Little Changed
Tuesday, 23 June 2009 21:13:02 GMT  |  Terri Belkas, Currency Strategist
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The Japanese yen slipped against many of the majors on Tuesday, due to broad consolidations of the moves we saw in carry trades and equities on Monday, which is something we noted potential for yesterday. There are still downside risks for these assets, though. While 10 of the nation’s biggest banks have returned $68 billion worth of TARP funds, there are still indications that not all is equal among US banks. Indeed, according to a press release published by the FDIC on May 27, their "Problem List" of troubled banks grew during the first quarter “from 252 to 305 institutions, and total assets of problem institutions increased from $159 billion to $220 billion.” As a result, it’s important to keep the situation in perspective, as there are still significant downside risks to the health of the financial sector and the economy at large.

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