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Japan's FinMin: Yen fall not goal but result

The Japanese Finance Minister Taro Aso, on weekend press headlines out of Tokyo, said the objectives from the current government are not intended to weaken the yen, but rather implement policy actions that can help to overcome a chronic two-decades deflation problem.

He added that the massive fall in the Yen value was the result of ongoing policies, but not the goal of it. The comments challenge growing concerns that Tokyo is trying to deliberately weaken the Japanese Yen in order to gain competitiveness against other industrialized countries, especially after the trade balance deficits the country has fell into in the past year.

Reporting on the latest comments from Japan's Finance minister, Antoni Slodkowski from Reuters, cites the politician: "We have launched policies aimed at ending deflation. As a result, the stock price has risen and the yen has weakened," Aso told Japanese public broadcaster NHK on Sunday. "(The yen weakness) is not the goal, the goal is to beat deflation," he said.

Forex: Bulls slam bears and put the EUR/USD at 1.3700

Following a short-lived dip to the 1.3585 zone, the EUR/USD bounces fiercely and managed to break above the 1.3675 area to hit a fresh 14-month high of 1.3710. Bulls retook the control on the pair and currently the EUR/SUD is closing at 1.3640, just in consolidation mode.
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Forex: EUR/JPY limited below 127.00 around fresh 32-month highs

EUR/JPY is currently at 126.80, off recent session highs at 126.87, few pips shy below record 32-month highs printed Friday at 126.98, highest since April 15 2010. The cross is higher both on combined Euro strength, strongest currency among majors in last few trading days, and Yen weakness, weakest among all majors, by a big margin.
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