FXstreet.com (Córdoba) - The Yen is falling sharply across the board and extended losses after the release of GDP in the U.S. Also the rally in stocks is not helping the Yen. USD/JPY rose to 91.60 posting a fresh intra-day high and currently trades near the highs at 91.55/58, 1.00% above today's opening price. The pair is recovering from yesterdays losses. Earlier in the morning USD/JPY fell to 90.21, hitting the lowest price in a week.
Michael J. Malpede, analyst at Easy Forex affirms: The Nikkei closed 184 points lower. The decline in the Nikkei initially sparked safe haven flows to the JPY. Japan's economy continues to improve with industrial output reported higher for the seventh month in a row. September output rose by 1.4%. In addition, manufacturing output rose 3.1% in October and 1.9% in November according to METI. Inventories fell to the lowest level in 21 years. These reports will likely encourage the BOJ to soon begin to withdraw stimulus and exit its bond support program. There are reports that the BOJ may end the corporate support plan as early as Friday.