According to Jun Azumi, Japanese Minister of Finance, the national GDP will grow by 2.2% in 2012. However, the eurozone crisis and stronger Japanese Yen are the major threats for the Japanese economic recovery.
According to Mr. Azumi, the eurozone crisis has temporary eased due to the tough monetary policies implemented by the ECB. The European authorities should catch at the chance at be cautious while implementing further toughening of the requirements for commercial banks.
Forex.
According to , USDJPY is retracing against the mid-term downswing. The currency pair has just finished forming wave А/В of Н16 and is forming a downswing - sub-wave А/В. A break above the local high 81.77 will start the forming of А/В of Daily. 81.95, 82.12/18, 82.34 will turn into major levels of resistance. A break below 80.29 will resume the downswing - А/В of Daily2. 80.08 will become the closest major level of support.
