Japan’s sovereign credit rating outlook was lowered by Standard and Poor’s on concern Prime Minister Yukio Hatoyama’s administration lacks a plan to rein in the world’s largest debt load.
Clearly Japan remains the only country lacking a plan to rein in debt.
The yen pared gains immediately after the release, before resuming a rally against the dollar.
Yeah that persistent Yen strength despite the prevailing consensus. The Yen has slammed into formidable gap resistance. It sits over price like an anvil. There's some work to be done here, but I suspect the outcome will surprise the consensus.
Japanese Yen ETF (FXY):
Source: bloomberg.com
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