Rightly so, the G20 avoided putting Japan in the dock over the depreciation of the yen. The Monetary Fund itself had observed how it was inappropriate to talk about currency wars, when Japan's monetary policy is aimed at defeating the deflation that has plagued the country for many years and in any case the yen is only brought back to the real effective exchange rate levels it was before of the Great Recession.
The Tokyo stock exchange therefore started to rise, reaching almost 2% growth, while the yen returned to 94. The performance of the Nikkei also dragged the regional index upwards, which rose by 0,5% (excluding Japan, would have remained stable – today the Chinese markets reopened after the long lull of the Lunar New Year).
The euro is stable, around 1,335, while WTI oil is in decline, below 96 $/b. Gold is confirmed as weak, at 1615 after having even dropped below 1600. The technical analyzes give negative signals for the days to come.
