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Caution persisted in global market activity overnight, however the usual flight to the low yielding greenback was nowhere to be seen. US equities finished in the red as investors weighed mixed earnings with less than positive comments from a fed official not helping the cause. Fed president of St. Louis James Bullard stated “The U.S. is closer to a Japanese-style outcome today than at any time in recent history.” This of course refers to the long term deflationary state of the Japanese economy. Perhaps a good barometer of risk at the moment is Japanese Yen activity which continued to hold the upper hand against the US dollar. In times of adversity the Japanese Yen is seen as the ultimate currency safety-play. Recent times have seen Japanese officials warn against excessive strength of the Japanese Yen as an expensive Yen against major counterparts makes exports become less price-competitive against competing economies, thus hampering an export fuelled recovery.
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