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News and Economic Review European (Greece)

Referendum on the European Market Expectations Mute Greece

Tuesday, November 1, 2011

The main European bourses fell sharply in trading Tuesday after the emergence of news that Greece will hold a referendum related to the latest bailout deal has been approved the European Union, sparking fears that the plan will fail again.

Greek Prime Minister George Papandreou unexpectedly announced that Greece will hold a referendum on the agreement reached with the European Union last week, in which private investors are required to receive a write-down of 50% of their holdings on Greek bonds.

"After going through tough negotiations between Greece and Germany, what was then shown by the Greek quite surprising," Jordan said Lambert, a trader at Spreadex Ltd.. "This uncertainty is likely to trigger the market turmoil, at least until next week."

So far the German DAX and French CAC has demonstrated a significant decrease with each lost 4.9% and 3.95%. While in the UK FTSE moved about 2.8% lower by the middle of the trading session.

News and Economic Review Europe (UK)

Attempting to 1.5900 pounds

Tuesday, November 1, 2011

European trading session on Tuesday re-filled with the negative sentiment that suppress risky assets, including the pound sterling. The good GDP numbers to England in the quarter-3 is also not much help Pound, amid market concerns on the handling of the outbreak of the debt crisis in the European region.

GBPUSD is currently offered in the range of 1.5910 or more than 1% below today's opening price, after being unable to stay above the psychological level of 1.6000.

As these movements, the nearest support level for this currency pair may be found at 1.5900 area (low October 24 / psychological level), then 1.5850 (high 14/17 Oct) and 1.5790 (21-day MA). In contrast, the nearest support level at 1.6090 area (daily high), followed by 1.6140 (200-day MA) and 1.6210 (high 6 Sept).

News & Economic Review European zone

Trichet Job Evaluation

Tuesday, November 1, 2011

International and European Public Services Organisation (ipso) conducted a survey to find out the opinions of colleagues about the performance of Jean-Claude Trichet. A total of 34.9% of respondents gave ratings 'good', while the rest are evenly split in the category of assessment 'perfect', 'enough', 'bad' and 'very bad'. However, Trichet really appreciate the existence of the less famous ECB staff. He once said that, "employees are the most valuable assets of the ECB,". But nearly 60% of respondents coming from the environment the central bank does not agree with the comments.

Regardless of the ECB's peer review, one of the most inappropriate thing highlighted is how the performance of this French guy in to fix the performance of the monetary area. Together with the International Monetary Fund (IMF), the ECB accused of failing to manage the debt crisis of European countries. However, when judging from the aspect of inflation, Trichet managed to maintain the stability of consumer prices as charged at the time He first served. Here are some important points that should be used as a parameter of success Trichet. Monexnews give an assessment of what has been done 69 years this man for eight years:

1. Debt Crisis

ECB is one of those responsible in the European debt crisis. The central bank should understand completely the risk of shocks in the bond market. Further, the authorities also failed to enforce regulations related to the deficit threshold euro member countries. No wonder if the emerging countries with a deficit to GDP ratio is very wide. Talking about the financial burden, then the object would lead to the Greek state. The ratio of debt-to-GDP of this country will not even move from the level of 120% in 2020. ECB negligent in performing their duties in overseeing the flow of state revenue and expenditure. Greek crisis is the omission of authority to the complex problems in the region.

Trichet argued that it had long ago warned European leaders about the dangers of failing to pay Greece. "Europe does not ignore the opinion I have," he admitted one day after the surrender position on the Italian successor, Mario Draghi. Statement disappointment was understandable because it's no secret that the space for the ECB is limited by the interests of large economies such as France and Germany. Ex-president of the ECB has even admitted that France had exceeded the threshold of the national debt during his reign. But the firmness of the law does not apply when the big country involved in a violation. State intervention is too large so it is difficult to expect a lot of capacity in the independence rules of the ECB Trichet. When referring to the debt crisis of European settlement, the report card is Trichet: 'Bad'.

2. Control of Inflation

Like the central bank, the ECB has a major role in controlling inflation in the European region. Authority responsible for maintaining the inflation rate remained at 2% level. For business, the ECB and Trichet is doing very well. The debt crisis had not been able to shake the stability of inflation that have been planted by 'the Frenchman'. Recent inflation data (October) did show an annual level of 3% or above analysts' expectations of the market (2.9%). While core inflation fell by 1%. But the level was within the category of stable, especially when referring to a series of systemic problems that plagued the continent blue. Trichet's inflation-control report card is: 'Good'.

3. Unemployment Figures

Unfortunately, the stability of inflation does not affect the absorption of labor in some major economies. One of the most valid sample is Spanish. This kingdom has a number of unemployment reached 21% of the total population! Followed by Irish residents filled 14.6% produkif without a job. In this case, Trichet is seen not to have the ability and initiative increases the per capita income of the member countries. Whereas the stability of inflation is the initial capital to optimize the absorption of labor. Therefore, he got value: 'Bad'.

4. Housing Prices

If only Trichet and his allies want to open my eyes, then they will see house prices in Spain jumped more than doubled in 8 years (1998-2006). Almost the same thing also happened in Ireland. Rising house prices in some countries is part of the euphoric properties. Many buildings and residential stands, as well as the growing number of enthusiasts. The correlation was in the end affect the country's trade deficit gap. The stability of house prices occurs only in Germany. And though not as Ireland and Spain, the majority of European countries also experienced a bubble in property prices. Similarly in Britain and the United States (U.S.), one of the factors that trigger the bubble is the leniency applied by banks. Over-leveraged banking into a gap of price fluctuations is not healthy. Trichet report card based on the level of housing prices is: 'Bad'.

5. Banking Health

Maybe a bit tiresome to discuss the decline of banking performance. Given the already so many issues and data that could show how the banks are very vulnerable to shocks. Unlike the previous points, the European banking heavily influenced by the financial sector in the economies of other countries and regions. Decline in the quality of the bond makes the bank's asset value to fall out. Stress test is made by the European Banking Authority (EBA) is deemed not relevant to measure the durability of the bank facing a crisis. Capital adequacy to be one problem that is being translated by the articles of the European Financial Stability Facility (EFSF). Broadly speaking, the performance of banks most affected by the performance of a portfolio of government bonds. So this sector is only a victim of damage monetary and fiscal systems in countries such as Greece. In this case, the report spelled Trichet: 'Enough'.

Gold Rises Amid sluggish Global Stocks

Monday, October 31, 2011

The movement of gold prices to trade this evening (31/10) had monitored the movement increases. Gold seems to respond to the impact of the decline in the majority of global stock markets and rising concerns over the re-sale of debentures European efforts.

Current spot gold rose 10.56 dollars to 1722.65 dollars per troy ounce with the support level of 1705.8 dollars per troy ounce and resistant level of 1723.56 dollars per troy ounce.

The increasing price of gold is apparently not followed by other metal commodities like silver which fell 3.2% to 34.12 dollars per troy ounce and palladium fell 3.3% to 642.2 dollars per troy ounce.

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, the price movement of gold still has the potential to rise again with a range between 1725 - 1730 dollars per troy ounce for tonight. Investors will focus on the release of China's manufacturing data which will be announced some time longer.

News and Economic Review Asia (Japan)

Nikkei Slump, Corporate Profit Decrease Prediction

Monday, October 31, 2011

Japanese stocks on trading today (31/10) closed weakened. The fall in stock movement today due to her negative expectations of the financial statements several corporations such as Mitsui OSK Lines and Fujifilm Holdings Corp. in the third quarter ago.

The Nikkei index fell by 0.7% to 8988.39 basis points. While index futures declined by 80 points to 8955 basis points with the support level of 8955 points and resistant level of 9096 points. The broader Topix index fell 1% to 764.06 basis points.

The shares, which fell among the stock is Nippon Yusen fell 2.4% to 201 yen, Fuji Film shares fell 2.3% to 1950 yen and Honda shares fell 3.7% to 2406 yen.

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, the movement of the Japanese stock market expected to remain depressed for the next day's move. The absence of positive development of European economic conditions will still give concern for the market.

News and Review of European Economic

Understand the Problem Not Europe Greece

Monday, October 31, 2011

Too many EU leaders do not understand the Greek debt problem though Athens has passed the borrowing over the years, according to the President of the ECB. "From the beginning, I said how important it is to understand the debt situation. We are not concerned to please certain parties including the government that has been uttered debt problem is not so important," said Jean-Claude Trichet told CNBC.

Post-European agreement last week to fight the debt crisis, Trichet uttered European debt problems could have been avoided if the government listened to the warning the ECB. Having pointed out the idea of ​​the necessity of the euro-zone finance ministers, Trichet believes now is the time to do actions based on an agreement last week. Having helped struggling to help the European Union since 2007 through the financial crisis, Trichet defended the decision to use non-conventional policies to shore up confidence after the collapse of Lehman Brothers and the worsening of the euro-zone debt crisis.

Meanwhile, the euro weakened in the London session. EUR / USD is now trading 1.4000, 1.3975 daily lows near

News and Economic Review Europe (UK)

Sterling Pressure Slows At End of Month

Monday, October 31, 2011

British pound in trading GBP / USD today (31-10) was observed to weaken against the Euro.

After long months of this tends to strengthen sharply against the Euro, Pound Sterling eased a little pressure at the end of this month.

The development is also responding to the possibility of lending slowdown in the UK.

Bank of England today is scheduled to release an indicator Net Lending to Individuals m / m, which is expected to fall to the dar 0.9B 1.0B in the previous period.

Analyst Research Vibiz of Vibiz Consulting suggests that the British pound moved lower tracked approximately -0.21% against the Euro currency on foreign exchange trading today.

Meanwhile, the pound sterling selling rates of Bank Indonesia rate in the range of Rp. 14233.92 / USD and the buying rate of about Rp. 14089.34 / USD.

News and Economic Review Europe (Germany)

German retail sales move turned against unemployment

Monday, October 31, 2011

German retail sales for September rose with increasing job market after completion of the agreed European debt crisis.

Sales, adjusted for inflation and seasonal movements, up 0.4% from August when sales fell 2.78%, as stated by the Federal Statistics Office in Wiesbaden today.

German unemployment fell ahead of the 27th month in September, making dilevel 6.9% unemployment rate, the lowest since reunification two decades ago.

Expected consumer confidence rose for the first time in 8 months in November with rising wages and increasing employment prospects, as predicted by GfK.

One of the leading German economic institutions of German economic growth estimates for 2012 will grow by more than half They also said that Europe's biggest economy will avoid recession. Growth is expected to weaken 0.8% next year from 2.9% in 2011.

Gold corrected, but Still Shining

Saturday, October 29, 2011

Gold corrected on Friday, but still toward the biggest weekly gain in 2 months after the agreement euro zone supports the performance of commodity and stock markets in the last session.

"Performance slack gold today, and it is not surprising, though not close the possibility of further consolidation at current levels, we still believe that long-term risks to the system to target a higher price," said Eugen Weinberg, analyst at Commerzbank. Although many investors back to riskier assets, gold is also supported by safe-haven flows by investors Even as many investors are still worried about the euro zone agreement until the details come out.

News and Economic Review Asia (Japan)

Yen Back Approach Record Level

Friday, October 28, 2011

Dollar recovery from a new record low versus the yen at 75.66 which is printed on the day continues until yesterday had touched the 76.00 level, which seems to put pressure for the USDJPY traded back down to around 75.75 or about 0.3% below today's opening price.

As these movements, under 75.66 (low-October 27) USDJPY will enter a zone that has never been touched before, and may be able to find the next support at 75.55 (weekly pivot point) and 75.00 (psychological level). In contrast, the nearest resistance level at 76.00 (daily high), followed by the 76.30 area (high 26/27 Oct) and 76.50 (high 24).

As long as prices are still stuck below the 76.60 level, then the bias of this currency pair remains bearish with a target to 74.90 and then 74.20, according to Stoyan Mihaylov, technical analyst Deltastock.

News and Review of European Economic

Debt Rescue Runs Smooth Europe would

Friday, October 28, 2011

Indonesian Finance Minister Agus Martowardojo believes that if the rescue of European leaders to get out of debt crisis will not run smoothly. Because, there are still many fiscal problems that must be addressed.

As is known, European leaders have found an agreement with banks and insurers to accept cuts of 50 percent of Greek bonds. The agreement is taken to reduce the debt burden of the Greek and European crisis that has lasted two years.

However, Agus remain optimistic when the assistance of the G20 group of countries can facilitate saving measures that avoid the potential for recession.

"While we know the challenges of the euro zone, they unite the country's 17 currencies, but they were not state who became one because of its fiscal fiscal-fiscal is also politically separate and have different constitutions," Agus said when met at the Parliament Building Indonesia, Senayan, Jakarta, Friday (28/10/2011) night.

Further Agus also welcomed the intention of this European leaders, he said some of these rescue program will increase the commitment of the rescue fund up to one trillion euros. That for later funding was channeled through the European Financial Stability Facility (EFSF).

EFSF is then to recapitalize the banking restructuring and also to build SPV can restructure institutions in Europe.

"The agreement on the value of bond at Yunandi and initiatives to keep the Greek crisis does not spread this good. We are delighted to welcome the leaders of European countries that the euro zone in particular has been agreed on a concrete program," he concluded

News and Economic Review Europe (UK)

Keep Up GBPUSD 1.6220 Bullish Channel?

Friday, October 28, 2011

Intraday bias remains bullish in the short term targeting 1.6220 area target, but still required penetration consistently above 1.6140 area so he could trigger further bullish momentum.

Nearest support at 1.6045 area, again fell below that area could bring the price into the neutral zone because of its direction becomes less clear in the short term but for the price move in a bullish channel on the H1 chart, the bullish scenario is still more dominant in this phase.

News and Review of European Economic Zone

EURUSD likely to form the New Range 1.4095 - 1.4470

Friday, October 28, 2011

As we can see on the graph H1 soaring price of trendline support at 1.3800 range, these facts indicate a bullish scenario not only for the short-term test area of ​​1.4245 - 1.4300, but also added a medium-term bullish outlook drill 1.4420 area for the medium term.

Support the closest look at the 1.4095 area, fell below that area could trigger a downward correction but the correction is still normal at this phase, as long as prices hold above the 1.4035 area bullish scenario is still intact.

Gold Up 1.4% Face Euro Meeting

Thursday, October 27, 2011

(Dow Jones) Gold futures closed higher on Thursday (27/10) before dawn. The uncertainty of the ability of European Union leaders expressed the region's debt crisis resolution plan, sejal metal prices boost earlier in the week more than 5%

Gold for December delivery rose U.S. $ 23.10, or 1.4% to as low as U.S. $ 1,723.50 an ounce on the Comex division of the New York Mercantile Exchange. This figure marks the highest close for the next month contract since 22 September.

Lack of action on debt in the euro zone summit so far sparked fresh concerns over the global economic situation. "This is leading to higher gold prices," said Darin Newsom, senior analyst at Telvent DTN.

Short covering at the end of the month is also a factor that supports metal prices. "Gold could see a rally last at least until the weekend," added Newsom.

The price of gold, has touched its highest level at U.S. $ 1,728 previously, has risen 5.3% this week.

"Precious metals have been soaring above U.S. $ 1,700 per ounce, which emerged as the new support level, with the next resistance level in the range of U.S. $ 1,750 to U.S. $ 1,760," said Colin Cieszynski, market analyst at CMC Markets Canada.

Earlier, gold rose 2.9% for the largest increase of metal in a single day since September 27, when U.S. stocks fell.

The stock market yesterday also reflected doubts that the European Union countries will reach an agreement to settle a debt policy, as well as stimulate economic growth.

Meanwhile, silver futures also rose, with the December contract rose 26 cents, or 0.8% to as low as U.S. $ 33.31 per ounce. December copper rose 7 cents, or 2% to U.S. $ 3.49 per pound, although it fell back from its previous level at U.S. $ 3.59.

While January platinum rose U.S. $ 28.40, or 1.8%, to $ 1,597.20 per ounce, while December palladium reversed course and fell U.S. $ 6.05, or 0.9%, to as low as U.S. $ 646.05 per an ounce.

News and Economic Review Asia (Hong Kong)

Hang Seng closed 3.26% surge

Thursday, October 27, 2011

Stock Exchange of Hong Kong in the movement today (27/10) closed higher. Stock soared after obtaining the positive sentiment coming from the report is agreed plan policies of European economic bailout package by European officials yesterday after having a meeting in Belgium.

Hang Seng Index closed up by 3.26% to 19688.7 basis points. While index futures rose 735 points to 19,764 basis points with the support level at 18,980 points and resistant level of 19,770 points.

The shares which increased the stock of which is Li & Fung rose 5.73% to 14.76 HKD, Sinopec Corp. shares rose 2.27% to 7.67 HKD and Sino Land shares rose 2.7% to 12.18 EUR .

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, strengthening Hong Kong's bourse is expected to still continue on the next day considering the U.S. GDP advance data are released later tonight is predicted to increase.

News and Economic Review Europe (France)

French Try to Gain Support China

Thursday, October 27, 2011

French President Nicolas Sarkozy have had talks with Chinese President Hu Jintao over Europe gather support to raise funds to finish bailoutnya-euro zone debt crisis. Chinese television report Hu Jintao expect European measures will help stabilize the market. Office of French President Sarkozy and Hu states agreed to cooperate for the sake make sure the G20 can contribute to maintaining growth and global stability. Chinese Premier Wen Jiabao has previously intimated a desire to help Europe after the financial market turmoil threatens China's export performance.

The discussion was conducted via telephone shortly after Europeans reached an agreement to increase the capacity of the bailout fund European Financial Stability Facility (EFSF). The interviewee told Bloomberg Japan also plans to support the improvement of the bailout funds while waiting for the European course details. Tomorrow, EFSF CEO Klaus Regling scheduled visit to China to give an explanation to investors. Regling also scheduled to visit Japan for the same, according to Bloomberg resource.

Meanwhile, the euro rose on the New York session. EUR / USD is now trading near 1.4118 daily high level of 1.4146.

News and Review of European Economic Zone

Norway Interested in Investing in EFSF

Thursday, October 27, 2011

Norway can be added investment in the European Financial Stability Facility (EFSF) if the investment can provide benefits and have the appropriate risk. "We have invested in the fund EFSF before and we consider doing it again," said Bunny Nooryani, a spokesman for Norges Bank Investment Management, the state investment institutions manage Norway's petroleum wealth. "But, the investment will be subject to the same requirements for profitability and risk assessment."

Nooryani declined to give details of investment plans in EFSF Norway. He also declined to comment on whether Norway's Global Pension Fund has planned a meeting with EU representatives on investing in EFSF.

Meanwhile, the euro rose on the New York session. EUR / USD is now trading near 1.4132 daily high level of 1.4146

News and Review of European Economic Zone

The euro soared 1.5% Related Repatriation of European Banking

Thursday, October 27, 2011

Continue strengthening euro to its highest level in 7-week Thursday, penetrate above the psychological level of 1.4050, and 100-day moving average at 1.4080 level, and even managed to go beyond 200-day moving average at 1.4100 level.

Momentum strengthening euro also helped by reports the U.S. GDP data corresponding expectations, combined by the positive results of the European Union rescue package likely to provide short-term stability in the financial sector.

Another positive catalyst haircut for Greek bonds worth 50% is considered a win-win solution, on the one hand the Greek load will decrease and reduce the ratio of debt to GDP to 120%, and it is also positive for stocks and risky assets because of losses to be absorbed by banks has been reduced.

Besides, another reason is the strengthening Euro European banks which should improve its capital structure will repatriate the funds, which means the demand for euro currency higher.

Oil Still Bullish, China to Protection of Industrial Sector and SMEs

Wednesday, October 26, 2011

Price movements of crude oil to trade this evening (26/10) recorded an increase. The positive trend continues to form after the Prime Minister of China, Wen Jiabao gave a statement that the Chinese government will issue policies to sustain economic and industrial sectors of SMEs in order to withstand the threat of economic crisis.

In addition, strengthening oil prices are also influenced by the existence of a positive sentiment from expectations of higher U.S. corporate profits are still to be released today. One of which will report its financial corporation is mining company, ConocoPhillips.

Crude oil futures for December rose 28 cents to 93.45 dollars per barrel. Meanwhile, Brent crude fell 24 cents to 110.68 dollars per barrel.

According to the analysis of the Division of Research in Vibiz Vibiz Consulting, crude oil price movements are expected to still more likely to go up with the support level of 91.32 dollars per troy ounce and resistant level of 93.89 dollars per troy ounce.

News and Economic Review Asia (Hong Kong)

Closed Up Hang Seng 19066.54 points, the Shanghai Composite 2427.48 points Up

Wednesday, 26 October 2011

In China, the Hong Kong stock market rose on speculation that linked Beijing will soon loosen policy.

This comes after Prime Minister Wen Jiabao pledged late on Tuesday that the government will enhance economic policy and maintain appropriate credit growth.

Hang Seng Index up 0.52% to 19066.54 points. Shanghai Composite rose 0.74% to 2427.48 points.

News and Economic Review Europe (Germany)

German parliament agrees Leverage EFSF

Wednesday, October 26, 2011

German parliament gave approval to strengthen the euro-zone rescue funds through leverage; This course will give the mandate to Chancellor Angela Merkel to do the negotiations at the European meeting in Brussels. 503 members of parliament to give consent, 89 refused, and 4 abstentions. The results also revealed the Bundestag voted European Central Bank (ECB) will not need anymore to buy bonds on the secondary market, and the rescue fund can not be financed through ECB.

EUR / USD could reach 1.3975 after the Bundestag gave consent. However, the euro looks strengthening due to difficulty maintaining rampant profit-taking as traders are still waiting for the results of the European meeting. EUR / USD is now trading 1.3910, 1.3892 daily lows near

News and Economic Review Europe (Germany)

German parliament Provide Support For Euro

Wednesday, October 26, 2011

Having had time to sit around the area of ​​$ 1.39, Euro immediately appreciated up to the high levels of 6-week versus the U.S. dollar at $ 1.3975 shortly after the German parliament approved the increase in bailout funds € 440 billion on Wednesday, before then must be traded back down at $ 1.3920.

The focus of market participants are still fixed on Wednesday at a summit of European leaders are expected to be able to give some hints about the next steps in resolving the prolonged debt crisis region.

Even so, the euro still has the potential to test the level of $ 1.40 if European leaders can provide a tentative solution, said John McCarthy, head of currency trading at ING. "The market continues to await concrete information from the EU summit, any results that may be close to market expectations for the euro had a positive impact," he said.

News and Review of European Economic

Look forward to meeting European market results

Wednesday, October 26, 2011

Investors cautious ahead of the meeting predicted Europe will describe a plan to solve the debt crisis of the euro-zone. Euro steady above $ 1.39, European stock markets has not changed much, and the bond market is also fairly quiet. However, market optimism began to decrease with the emergence of differences in perception between European leaders over how best to fight the crisis. Citi even uttered a meeting like a numbers game, but without the numbers.

There is a consensus of the need for additional capital injection of around € 110 billion into the banking system of Europe in order to anticipate the possibility of Greece's debt default and contagion of the crisis. But there is a difference will be how to increase the capacity of EFSF funds and how many losses will be borne by the holders of Greek bonds.

"Europe may not be able to give satisfactory results despite the desire to immediately solve the debt problem," said Lothar Mentel, Octopus Investments executives, as he uttered the market will react badly if Europe does not provide a comprehensive plan. The movement of EUR / USD which is still located near six-week high level of $ 1.3960 suggests investors still expect the results of the European meeting will be positive.

China Copper Imports soared to 16-Month High Point

Tuesday, October 25, 2011

China's copper imports rose to 275.499 tons in September as well as the highest recorded level of imports in the past 16 months, since March 2010.

The cause is suspected as the accumulation of reserve stocks ahead of the high demand season. China has so far observed as the world's largest copper consumer.

Low prices also fueled the purchase of China through exchanges of London Metal Exchange / LME. Copper has fallen from $ 10,000 per ton and traded at $ 7,400 per ton. Arbitrage trading between LME and Shanghai also contributed to overall demand.

News and Economic Review Asia (Japan)

Darting yen, Japanese Fire Beard

Tuesday, October 25, 2011

The Japanese currency rose back up to the level of 76.00 on Tuesday (25/10) after Friday last week recorded a peak at 76.78 yen.

Related to this sharp strengthening of the yen that the Japanese monetary authorities began preparing for the anticipated surge in order not to be guncagan in the domestic economy. June Azumi Japanese Finance Minister mentioned that the government will take action against any excessive yen strengthening against the dollar.

Azumi said the yen's strength is really speculative and inconsistent with economic fundamentals. And anticipates that the Government of Japan has provided a budget of 2 trillion yen ($ 26 billion) as subsidies to encourage companies buffeted by the strengthening yen.

The budget is intended to keep the factory and labor in the domestic as well as to protect the tentative recovery from natural disasters. Japanese government intervention into the foreign exchange market earlier this year to prevent losses due to rising yen exporters.