Yen Weaker Against Majors Ahead of U.S. Bailout Plan Details

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Published: Mon, 23 Mar 2009 12:34:28 +0100

Yen Weaker Against Majors Ahead of U.S. Bailout Plan Details

(CEP News) - The Japanese yen is weaker against majors on Monday ahead of the U.S. Treasury's press conference detailing its Public-Private Investment Program.

Treasury Secretary Timothy Geithner has said the program will create subsidies to encourage private sector investments to purchase toxic debt and offset risk, and that it will initially be worth $500 billion, but could be expanded to $1 trillion.

In the aftermath of the announcement, the Japanese Nikkei closed 3.4% while the Eurostoxx was up 2%, the German Dax was up 2%, the FTSE 100 up 1.7% and S&P futures up 3.1%.

Meanwhile, the Japanese BSI all-industry index declined to -51.3 in Q1 from -35.7 while the large manufacturing index fell to -66.0 from -44.5.

Chinese central bank chief Zhou Xiaochuan called on the International Monetary Fund to create non-sovereign reserve currency to help reduce volatility in the FX markets.

Data taken at 7:26 a.m. EDT,

USD/Yen up 0.90 points to 96.85

Euro/Yen up 1.92 points to 132.19

CAD/Yen up 1.27 points to 78.60

By Erik Kevin Franco, efranco@economicnews.ca, edited by Stephen Huebl, shuebl@economicnews.ca

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