USD/JPY - 84.51.. More news fm Reuters, Japan's economy minister Satoshi Arai is currently speaking, he says 'PM Kan will outline the govt.'s steps for supporting the economy.' He also adds 'govt. is compiling steps to fight yen's rise with sense of urgency.' Earlier, he told a news conference after attending a cabinet meeting n said 'downside risks to the Japanese economy have heightened due to the yen's rise n a slowdown in overseas economies.' This morning's release of Japan's CPI showed deflation persisted in July. Consumer prices (exclud. fresh food) fell 1.1% fm a year earlier, marking the 17th straight drop. Latest govt. statements n impending action are clear signs to the market that the ruling DPJ govt. is increasing its pressure on BOJ to take concrete action to stem the recent yen's rise as well as taking monetary steps to combat deflation. Offers reported earlier have been slowly absorbed when dlr rose briefly to 84.58 n more offers are seen abv there with stops abv 84.90.
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