The Japanese Yen (JPY) USD/JPY broke above Y78 but had little follow through with the market slowly grinding higher as the Dollar outpaces the Yen. EUR/JPY is under a lot of pressure with the debt crisis pushing the cross towards Y100 hitting Y101.10 overnight. The outlook for the Japanese economy is weak with recent Thai floods hurting big companies. UPDATE Q4 Tankan -4 vs. 2 previously.
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