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The Yen Fell And Japanese Stocks Surged After BOJ Kuroda

The Yen Fell and Japanese Stocks Surged After BOJ Kuroda

The euro held firm above $1.37 level, having hit a three-week high of $1.3725 yesterday.

The yen fell and Japanese stocks surged after BOJ Kuroda stated commitment to do whatever is necessary to drag the nation out of deflation.

Japan's Nikkei 3.13%, Hong Kong's Hang Seng 0.23%, Korea's Kospi 0.03%, Australia's ASX 200 0.14% and China's Shanghai -0.77%.

The dollar had a bleaker reaction to the soft U.S. data, with the dollar index standing at 80.114 .DXY near its lowest level so far this year.

The single currency was also helped by an improving mood after Italian centre-left leader Matteo Renzi, who has pledged to deliver more ambitious reforms, received a mandate to form a new government. That helped to push Italian debt yields to eight-year lows.

ECB's Nowotny says won't cut deposit rate without cutting the benchmark. Negative deposit rate is "one potential element". Council still discussing negative deposit rate, "too early to say" what rate cut trigger might be.

The Bank of Japan boosted lending programs while sticking with a plan for unprecedented asset purchases, as the central bank tries to support a recovery and stamp out 15 years of deflation. The BOJ doubled a funding tool to 7 trillion yen ($68 billion) and said individual banks could borrow twice as much low-interest money as previously under a second facility. It left unchanged a pledge to expand the monetary base by 60 trillion to 70 trillion yen per year. The yen fell and Japanese stocks surged as the moves underscored Governor Haruhiko Kuroda's stated commitment to do whatever is necessary to drag the nation out of deflation.

The yen weakened to as low as 102.74 against the dollar after the BOJ's announcement.

Japan's economy grew at less than half the forecast pace in the fourth quarter, underscoring risks to the nation's recovery as a sales-tax increase looms in April. Gross domestic product expanded an annualized 1 percent from the previous quarter in the October-December period, the Cabinet Office said yesterday in Tokyo, less than the median projection of 2.8 percent in a of economists.

China drew $10.76 billion in foreign direct investment (NYSE:FDI) in January, up 16.1 percent from a year earlier, the Commerce Ministry said on Tuesday, a sign that confidence in the world's second-largest economy remains firm even as growth cools. The majority of the new investment, some $6.33 billion, went into China's services industry, while investment in manufacturing fell 21.7 percent.

The Australian dollar hit a five-week high of $0.9080 and corrected after, as testing stiff chart resistance at this level and RBA minutes release.

RBA Minutes: Members noted that in the second half of 2013, growth of Australia's major trading partners looked to have continued at close to the average pace of the past decade. The recovery in the US economy had strengthened through the second half of 2013, driven by private demand, particularly consumption. The recovery appeared to have been building momentum with housing market conditions remained generally positive and the labour market continued to improve. Conditions in the euro area had improved a little, although they remained weak overall. In China, growth had remained a little above the government's target of 7.5 per cent. Economic conditions in Japan had shown further improvement. Inflation in the major economies remained low, although it had increased in Japan.

Gold and silver held near their 3-1/2-month peaks hit on Monday, with gold trading at $1,3180 per once and silver at $21.54.

Watch today: UK CPI, German ZEW, US housing.

By Zulutrade

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