Markets  |  February 28, 2013 09:10:00

Japan has nominated a new governor, USD / JPY fights with 92.0 The Japanese government led by Prime Minister Shinzo Abe was nominated to the post of governor of the new Bank of Japan (BOJ) Haruhiko Kuroda, who is an advocate aggressively loosened monetary policy. Kuroda currently heads the Asian Development Bank and 18 March to replace outgoing Governor Shirakawa.

Representative should do Kuroda Professor Kiku Iwata, a known supporter of unconventional monetary policy and Hiroshi Nakase, who has experience with the inner workings of BOJ. Abe successfully continues to strengthen its influence on monetary policy. Last month, he managed to persuade the BOJ to raise inflation target of 1 to 2 percent.Also approved was a new government bond purchase program, which will run for an indefinite period in 2014. Nominated BOJ leadership must be approved by both chambers of parliament. Prime Minister for approval will need the support of the opposition, because there is no sufficient majority.

Currency pair USD / JPY weakens this week, but important will be whether it can close below strong support 92.0. He still refuses to overcome both the daily and the weekly chart. Price at the beginning of the month we touched on a long-term downward trend line and thus came the expected weakening. It will be interesting to see if it comes a deeper correction, at least until Japan starts with new steps in monetary policy, which probably only weaken.

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Japonsko nominovalo nového guvernéra, USD/JPY bojuje s 92,0

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