FXstreet.com (London) - Asian markets will close down after market reacted unpositively to the 7.2 trillion Yen the Japanese government has pledged to keep the economy from slipping into recession.
Market commentators cite thin trade in the run tho Christmas, when markets typically go quiet, and also an overheated market, for the lack of positive reaction. Major exporters Honda and Sony were both down as Yen continued to gently appreciate against the dollar as the pair drifted into the close. A strong Yen damages export industry, making products relative more pricey.
Gold gained ground, and after some directional trading found strength at the $1160 level.
As mentioned in previous reports any consumer spending or jobs related data from major economies will be the key impactors on price action across all trading pairs, as market reacts strongly to indications of growth economic growth and fiscal ramifications.
Nikkei lost 0.5% while Australia S+P heading to close - 0.3% and South Korea's Kospi Composite down 0.4%. The Dow is trading up just 12 points in futures markets, which suggests a near-flat open for London and Europe.