Japanese yen strengthened today after Japan government decided to postpone the tax raise. Japan government also said that they will launch stimulus package at this fall. The counselor of the prime minister recommended fiscal stimulus package up to 10 trillion yen worth.
Latest economic indicators also supported yen’s strengthening. The country’s capital expenditure rose 4.2% in the first quarter compared to the previous year, much better than economists’ expectation at 1.9%. This figures has the potential to change the final GDP estimation which will be published next week.
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Eko Trijuni has been trading forex full time since 2005. He is now the Head Market Analyst for FOREXimf.com. His specialty is technical analysis.