FXstreet.com (Barcelona) - Asian stock markets have opened the week with losses as Japanese Gross Domestic Product slumped the most since 1974, nevertheless the Yen rose against most currencies and the G7 ignores Yen strength.
Japanese GDP gas declined at a 12.7% annualised pace in the last quarter of 2'007, according to the Cabinet Office's preliminary estimations, a decline which if confirmed will be the largest since the oil crisis in 1974.
Stock markets have posted losses on weak performance of finance and material companies. The MSCI Asia Pacific Index has declined 0.7%, while Tokyo's Nikkei Index has dropped 0.4%.
G7; Yen strength unmentioned, USD stronger against Europeans
The USD/JPY has continued floating around the 91.50 area, after having reached a maximum of 91.77 right after the release of Japanese GDP. The G7 finance ministers meeting in Rome last weekend has not made any specific reference to the Yen's strength.
EUR/USD has opened the week to the downside breaking the triangle it had been trading into for the last three weeks. The Euro has dropped from 1.2850 to 1.27 25 and it approaches important resistance level at 1.2700. (Feb 2 low).
GBP/USD has also opened the week with a decline, falling through 1.4200 level to 1.4152. The G7 representatives did not mention the Pound's weakness either.