Haruhiko Kuroda has recently been appointed Governor of the Bank of Japan by the Japanese government. Hiroshi Nakaso and Kikio Iwata are his 2 deputies.
The new management is to take office today. However, another parliamentary voting is needed. However, the opposition has given everyone to understand that they can reconsider their previous decision concerning Haruhiko Kuroda. However, experts say there is little chance that the decision will be reconsidered.
If Kuroda eventually takes office, the Bank of Japan will see major changes in terms of money-and-credit policies.
At the same time, the Japanese economy seems to be recovering. The Japanese Yen is down by 20% against the US Dollar, which is a positive sign for Japanese exporters.
Forex.
The chart below, courtesy of , reflects the current state of affairs in the market of USDJPY. The Japanese Yen keeps weakening against the US Dollar.
A further rally will may encounter resistance around 97.39, 98.08. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 94.30 (as shown below).
