Both the regional and Japanese stock indexes are about to end the quarter with substantial gains. The MSCI Asia Pacific index is up 0,4%, and the quarterly gain will be the largest since last September. The yen is stabilising around 101,5 against the dollar, and what used to be a close correlation with the Tokyo Stock Exchange it becomes more evanescent now that other non-currency factors are gaining prominence.
La industrial production in Japan it rebounded by 0,5% in May, after having fallen sharply in April following the introduction of the VAT increase, which had induced consumers (and producers) to anticipate purchases and production. Both oil and gold are down on Friday's data: WTI stands at $105,5/b and the price of the yellow metal, albeit still high, stands at $1317/ounce, down about $3.
In the currency field, the euro remains well above the 1,36 level, at 1,364. If the intention of the ECB's measures was to limit the appreciation of the single currency, this aim has not been achieved. The yuan, at 6,206 against the dollar, strengthened again to its highest level since April. Stock futures on London and New York are stable or slightly positive.
