Japanese yen surged against dollar on Monday. Speculation from non-Japanese short-term currency players pushed the currency to the highest point against dollar.
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The turbulent situation Japan's banking sector is likely to impact global markets. A leading hedge fund manager says that collapse in the Japan's banking industry blindsides the market, while shrugging off any possibility of banking crisis in the world's third largest economy.
It's a race for Toshiba Medical Unit between Canon, Fujifilm Holdings, Konica Minolta and Permira Holdings. Nikkei said Canon has the highest bid amounting to $6.2 billion. Whoever the winner is, will be decided on Wednesday.
G-20 summit has been concluded with no major surprising outcome. Lack of strong commitments has helped Yen to gain some value against US dollar. However, on Monday, US dollar has regained some value. The appreciation has been analyzed as an outcome of positive US data which in turn is the consequence of Fed rate hiking.
Forecasts about price swings in Yen against the euro are becoming stronger as investors bet that Bank of Japan (BoJ) will also make dovish rhetoric to match European Central Bank (ECB).
Despite down 12.7 percent from the 52-week high of 20,952.71 points, Japan's Nikkei offered 27.89 percent return for 2015 so far and the last two sessions of the previous week further indicated the upward momentum in the market.
Taking cues from the overnight gains on Wall Street, Asian markets moved upwards marginally on Thursday. The reopening of trading in Chinese markets after a long-week holiday streak also infused fresh interest into the market.
Japan's economy has been facing tough times when its economy began to contract by 0.4% in the year's second quarter. It was an official data shown on Monday emphasizing how the prime minister's 'Abenomics' growth program doesn't work.
Bank of Japan Governor Haruhiko Kuroda said the yen's current weakness was not inflicting severe pain on the economy, toning down an earlier warning to markets against pushing the currency too far down.
The yen surged to a two-week high against the dollar on Wednesday, after the head of the Bank of Japan said the currency was unlikely to fall further because it was already "very weak", prompting investors to trim huge bets against the yen.
The dollar held firm in early Asia on Monday, trading near 13-year highs against the yen after strong U.S. employment data bolstered expectations for an interest rate hike by the Federal Reserve before year-end.
The dollar steadied in the lower half of an increasingly intransigent range on Monday, after sliding late last week following another round of disappointing U.S. economic data.
The euro hit a two-week high against a soft dollar on Friday, supported by a rise in a key German business sentiment survey and hopes that cash-strapped Greece was making tentative progress toward securing fresh funding.
Bank of Japan Governor Haruhiko Kuroda said on Sunday that financial markets "could be surprised" if the central bank hits its 2-percent inflation target in 2016 and interest rates in Japan start to rise as a result.
The yen is fairly valued around current levels, a key economic adviser to Prime Minister Shinzo Abe said on Tuesday, a day after comments he made were taken to mean the yen was too weak.