Macroeconomics  |  January 30, 2013 08:20:00

Retail sales rise in Japan, the Japanese prime minister had to face sharp criticism Japanese retail sales rose in December in annual measurement of 0.4 percent, is thus a significant slowdown compared to November, when sales reached annual growth rate of 1.2 percent. December slowed growth surprised economists who had expected the pace. In a monthly comparison, however, the December sales reached 0.1 percentage growth.

Japanese Prime Minister Shinzo Abe had to face the first night of criticism for the steps that his government together with the Bank of Japan (BoJ) is monitored. Critics accused him of deliberately weakening the yen through monetary and fiscal stimuli."Acting government and BoJ are directed against the fight with deflation, leading to stable economic growth," said Abe opposition politicians to question the intentional weakening of the domestic currency.

German Chancellor Angela Merkel last week also prodded the Japanese government when expressed concern about the economic stimulus and printing of money. Japan tries to reach 2 percent inflation. The local central bank (BoJ) has adopted a program of unlimited time purchase of new assets since 2014. The Japanese government has also promised a large fiscal spending to support economic growth. Thus a new stimulus package containing 10.3 trillion yen ($ 114 billion).

Currency pair USD / JPY is holding in the growth channel and remains extremely strong upward trend.On the daily chart we created a visible bearish divergence, which could induce USD / JPY further reflection from the lower limit of the channel.

At 4 hours chart, the peak at the previous price of 91.20, the price could create a double top formation, which would support a smaller sale. After strong growth in the past few days, it seems that USD / JPY eased off the pace.

Today will be crucial to respond to the previous peak and fall as U.S. data.
ADP national employment report at 14:15
• Gross domestic product for the fourth Quarter at 14:30
• Decision on the interest rate at 20:15

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