order to get rid of the toxic assets that will continue to cripple the banks balance sheets and cripple the lending process.

The main prediction that the seven industrial economies came with was that the world's growth will tumble with a severe slowdown most of the current year leaving a small space for a recovery by the end of the year. Geithner the US Treasury Secretary tried to calm finance ministers saying that the 2 trillion dollars plan and the approved stimulus will have an efficient job in spreading back tranquility in the world's leading economy.

Even with what was said in the G7 about the plan, markets are still in need for more details that would bolster the economy. Obama is scheduled to give full details about the current plan, which would cushion the sharp downturn in the housing sector that extended for more than two years, and it did not reach a bottom yet.

Even with the US indices closed in red on Friday, Dow Jones industrial average lost 1.04% or 82.35 points closing at 7850.41 levels, S&P 500 fell 1.00% or 8.35 points reaching to 826.84 levels and NASDAQ lost 0.48% or 7.35 points reaching to 1534.36 levels.

Nevertheless, with this reassurance, Japan came out last night to release their GDP reading contracting sharply to the lowest since 1974 affected by the endless contraction in the world's leading economy along with their sharp stall in their production levels and the surging Japanese Yen prices that eased the demand on their goods.

A third consecutive contraction, the GDP contracted 3.3% on the quarter coming worse than the revised previous -0.6%, the annualized GDP shrank harshly to -12.7% in the fourth quarter from the revised previous -2.3%. The slowdown in the world's economies had curbed the levels of international demand on the Japanese goods that are considered cheaper than others, their exports fell heavily 13.9% in the last three months of the prior year.

Japan is now facing the threat of dipping back in deflation, the falling domestic and international demand are pressuring the economy back to it's worst demon, where Japan was the only economy between rivals to struggle with ten years of deflation.

Nikkei Index lost 0.38% or 29.23 points reaching to 7750.17 levels at Tokyo's closing session, yet Topix index managed to advance by 0.72% or 5.51 points reaching to 770.10 levels; moreover Hang Seng lost 1.49% or 201.60 points reaching to 13355.30 levels.

Today markets lack any major fundamentals especially when the Americans are enjoying the President Day Holiday, leaving all markets with some hope that they would be living in some tranquility today.

Majors traded narrowly since the early morning, USD/JPY retreated from a high of 91.98 recorded earlier to currently trade at 91.67 levels, alongside the sixteen economies currency plunged to currently trade at 1.2744 levels from a high of 1.2807 levels.

Therefore, my dear readers enjoy the US President's Day because this week our calendar is full with fundamentals...