GIVEN the stimulus measures of the Bank of Japan went unopposed at the G-20 meeting, investors took the opportunity to sell the currency taking the US dollar/yen pair but it failed to break the psychological 100 mark on the back of Dish outbidding Softbank's bid and the extreme dump resulting from the Boston terror attack.
Nippon Life, Japan's largest life insurer says it will buy less Japanese Goverment bonds this year and raise its allocation of unhedged foreign bond holdings. The disappointing price action has translated into a double top formation just shy of 100 and a move below 98.35/50 would be of much greater concern.
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