Interlocutory session for the Asian one, at the beginning of a week full of data that should give comfort to the expectations of a gradual recovery. The yen, which had sailed above 90 on Friday, returned to 85,5 against the dollar and, like clockwork, the Tokyo stock exchange fell.
In the Japanese capital it starts today the regular meeting of the board of the Bank of Japan, but the deliberations are dominated by the full governor. The current governor is expiring, and the prime minister Shinzo Abe has already made it known that he will appoint a governor close to his positions, which, as we know, contemplate a much more aggressive monetary policy than the current one.
Just as Fed Chairman Bernanke has established the link between monetary policy and the real economy (quantitative expansion will continue until the US unemployment rate falls to 6,5%), in the same way the Bank of Japan will have to commit to creating liquidity until the inflation rate has moved out of negative territory and does not settle at at least 2%.
In the currency field, the euro is just above 1,33. Oil is stable above $95/b, and gold is trying to get close to the 1700 mark (in the early afternoon in Tokyo it was $1689/ounce).
