S&P 500 bears support the Japanese yen
More than a 3% drop of US stock indexes encouraged the USD/JPY bears to go ahead. The yen was groggy after investors had believed in a soon recession of the Japanese economy. The increase in sales tax from 8% to 10% pressed down the GDP rate by 6.3%m a stronger slump than Reuters experts expected. Taking into account the negative impact of the coronavirus on tourism and retail sales, a potential recession scared the yen buyers.
A tax rise in the country, whose gross debt is nearing 240% of GDP, and whose government has to seek...
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