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In a long-awaited report, the Treasury Department declined to officially cite China for manipulating the foreign-exchange value of its currency even though the country had maintained a de-facto peg to the dollar since mid-2008 until last month.
Treasury Secretary Timothy Geithner had engineered a delay of the currency report to give China space to move on its foreign-exchange policy.
This maneuver paid off just prior to the Group of 20 leaders' summit in Toronto last month when China announced it would allow its currency to move against the dollar.
http://www.marketwatch.com/story/china-not-cited-as-currency-manipulator-2010-07-08
Sell USDYEN, CADYEN, AUDYEN, and CHFYEN
That was a txt book trade - nice
TOKYO (MNI) The Bank of Japan on Thursday upgraded its overview
of regional economies for July from three months ago, based on reports
from its branch managers who met here for a one-day quarterly meeting.
Eight regions (out of the nine) judged that, compared with the
assessment in April 2010, their economic conditions had improved
further, the BOJ said in its latest regional economic report.
Many regions reported that amid the continued increase in
production, business fixed investment had either stopped decreasing or
had started picking up and the degree of severity in the employment and
income situation had eased, it said.
The BOJ said most regions reported that private consumption had
either stopped decreasing or had started picking up.
Meanwhile, many regions pointed either to the continued low level
of economic activity or to differences in developments among regions,
industries, or firms, it added.
Eight out of the nine regions upgraded their regional economic
assessment for July, compared with three months ago.
Todays report on the regional economic assessment is consistent
with the BOJs overall economic assessment that Japans economy is
showing further signs of a moderate recovery, induced by improvement in
overseas economic conditions.
The regional economic report said capital spending is picking up in
four regions, although remaining at a low level, while capex has stopped
declining in four other regions.
Five regions reported that private consumption as a whole was
picking up, showing signs of picking up or the decline had been coming
to a halt, because of severity in the employment and income situation
had eased somewhat and because policy effects had continued, said the
BOJ.
Production either increased or picked up in all regions, the latest
report said.
It also noted that four regions reported that the pace of increase
in production had accelerated mainly due to the improvement in overseas
economic conditions.
The employment and income situation remained severe, but many
regions reported that the degree of severity had shown signs of easing,
it said.
Managers from the BOJs 32 domestic branches and two general
managers from the U.S. and Europe gathered to discuss economic and
financial conditions at the banks head office.
At the opening of the meeting, BOJ Governor Masaaki Shirakawa said
global financial and capital markets are unstable due to continuing
concerns about sovereign debt, calling for a close watch.
The recovery in industrialized economies remains moderate while
the growth among emerging and commodity-exporting countries remains
strong, he said.
tokyo@marketnews.com