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Weaker Economic Data Drags Japanese Yen Lower

Wednesday, 30 April 2008 22:10:14 GMT

Written by Kathy Lien, Chief Strategist

The Japanese Yen sold off against all of the major currencies except for the US dollar.

Manufacturing PMI, household spending, housing starts and industrial production were all weaker than expected and this weakness should extend to tonight’s labor cash earnings figure.  Japan is a big oil importer which means that the rising cost of fuel could take a bug toll on the Japanese economy.

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