Japanese stocks (EWJ) suffer a third consecutive day of volatility as the yen (FXY) again rises...

|By:, SA News Editor

Japanese stocks (EWJ) suffer a third consecutive day of volatility as the yen (FXY) again rises vs the dollar, prompting some to fear that the Nikkei's decline has turned into something more than profit-taking. However, JPMorgan strategist Adrian Mowat doesn't share that view. "It is a little bit early to get too caught up in a bearish view," says Mowat. "The Nikkei's still above the 50-day moving average and Japan was very overbought." Japan -2.5%, Hong Kong +0.3%, China +0.1%, India +0.7%. Dollar -0.2% at ¥101.10.