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Any stimulus plan for Japan will be limited to tapping slim discretionary budget funds as the...

Any stimulus plan for Japan will be limited to tapping slim discretionary budget funds as the legislature refuses to lift the nation's borrowing cap. This leaves the Noda government with about ¥1T for new spending as opposed to the ¥3-4T likely necessary to make even a dent in the ¥450T economy. The dollar retraces yesterday's gain vs. the yen, -0.3% to ¥78.66.
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