Japanese Yen Strengthens As There Is No Threat Of Hyperinflation

The Prime Minister of Japan criticized the governing board of the Bank of Japan over their fears of possible hyperinflation due to raising the inflation target up to 2%.

He calls those fears groundless and is convinced that the creation of a stable financial system (which the Japanese government is currently involved in) will eliminate those fears.

He also responded to the opposing parliamentarians who had accused the government of depriving the central bank of its independence by saying that the BOJ authorities are free to do what they want.

Forex.

The chart below, courtesy of , reflects the current state of affairs in the market of USDJPY.

A break below 93.07 will continue the downtrend. If this is the case, the closest level of support will be found at 92.11. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 93.91 (as shown below).