An increase in oil imports means more demand out of Japan for the dollar to buy them.
More Quotes from Osamu Takashima:
Investors increasingly fear that the US Fed will soon end its rate hike policy, which will keep the dollar in a weak tone against other major currencies.Osamu Takashima
It is highly likely that the 2 trillion yen buying in August reflected the market's expectations that Koizumi's victory will support the stock market, and that foreign buying could take a respite this month,
Osamu Takashima
The concern is that the protest will lead to violence, which will hinder the government's efforts to cut subsidies and the budget gap. That is weighing on the currency.
Osamu Takashima
The dollar-yen will trade in a range of 117-119 yen if the GDP data is in line with the market forecast.
Osamu Takashima
Money should flow into Japanese government bonds, including from foreign investors. It wouldn't be surprising for the recent rise in yen interest rates, which had been ignored by the market until now, to garner attention.
Osamu Takashima
The market has already priced in another interest rate hike in March so the dollar's scope for further gains on rate hike expectations is limited.
Osamu Takashima
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