G7 Meeting
After a "non-event" G7 meeting the Yen saw a negative influence that made it fall down to 162.40 against the Euro, to 238.25 against the Pound and to a119.65 against the Dollar.
The meeting also missed the participation of two main countries such as Germany and China. Some of the most relevant declarations have been said by JC Trichet: "The fundamentals are very encouraging in Japan, and this will be reflected, should be reflected, in the markets."
- Review the opinion of our expert Tony Juste in the Advisor's Blog
In-Depth Analysis
- Global FX Daily: European Edition - JPY weaker after G7 by Mellon Foreign Exchange
- Wakeup Call on Forex Markets - Further Weakness in JPY as G7 Remains Passive by Saxo Bank
- Market Drum Highlights - Market is dangerously mis-reading G7 Yen comments by FxMax
- Daily Forex Technical Report - EUR/JPY Surges to New Record High Post G7 by ActionForex.com
- Currency Journal - G7 meet a dud, Yen weaker on continued "carry trades" by Performance Capital
- Asia Market Update - G7 gives the green light to carry on with the carry trades by Trade The News
Related News
- Pound buoyed by strong data, yen drops further on lack of G7 comment (AFX News)
- Yen flounders as G7 stays silent on currencies (AFX News)
- G7/IMF/WORLD BANK MEETINGS At-a-glance guide to the main points (AFX News)
- G7 deputy finance ministers look into hedge fund industry (AFX News)
- Yen Weakness Seen Post-G7 (Dow Jones)
- G7 Sees Brighter Global Economic Outlook, Quiet On Yen (Dow Jones)
Analysts' Comments
- Nobuo Ibaraki, deputy general manager at Nomura Trust and Banking:
"The market's reaction to sell the yen is natural as players saw the G7 as allowing the euro to strengthen further against the yen and the dollar due to the strong euro zone economy." - Reuters - Henry Paulson, US Treasury Secretary:
"It is crucial that China move with greater urgency." - Dow Jones - Hideaki Inoue, chief manager of forex trading at Mitsubishi UJF Trust and Banking Corp:
"Players took the G7 statement as a lead to sell the yen against the euro." - The Nation
