Japan Is Rallying After The Jobs Report

Matthew Boesler
June 7, 2013
Kusunoki Masashige japan samurai horse statue
Kusunoki Masashige japan samurai horse statue

Wikimedia Commons

Kusunoki Masashige

The Japanese stock market has been tanking since May 22.

In the past few days, losses have slowed a bit – Friday, it closed down only 0.2%.

However, we witnessed a big unwind in the long U.S. dollar/short Japanese yen trade yesterday, with the currency pair falling below ¥95.54 overnight from levels around ¥99.46 just a day before.

Following the release of today's jobs report in the U.S. – which came in better than expected – the dollar initially tanked against the yen, making a new low of ¥94.98.

However, the losses were short-lived, and the dollar is now trading around ¥96.85 to the yen versus levels around ¥95.66 just prior to the release.

Meanwhile, Nikkei futures are spiking and are now up 0.3% from the previous close after being down prior to the report.

Click here for all the details of today's jobs release >



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