After having touched 11 thousand a week ago the Nikkei, which had retreated following the recovery of the yen, has recovered somewhat today. The Japanese currency has resumed its depreciation, exceeding 89, while in Davos there is a feverish talk around the supposed 'currency war': a war that Japan is said to have started with a monetary policy that aims to accelerate the creation of money with a consequent depreciation of the yen.
But if it is war it is more defensive than offensive. The yen was the currency that from the beginning of the crisis to today had appreciated the most in the real sense, and what is happening is an understandable reaction to a quota of 78 in the yen/dollar exchange rate (recorded last autumn), quota with the which many companies simply cannot live with.
The rest of the Asian markets are roughly stable. Shanghai retreated despite good news on China's manufacturing PMI which rose further to 51,9. The euro remains above the 1,33 level and gold, which missed the assault on the 1700 level, has fallen back to 1681 $/ounce.
