Forex Flash: Abe describes Yen weakness as net plus for Japanese economy - BTMU

FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that Japanese Prime Minister Abe described the yen weakening trend as an overall plus for the Japanese economy when speaking to parliament overnight.

He adds that the BoJ confirmed overnight that Japanese household assets increased at their fastest pace in five years during Q4 2012 rising to JPY1,547 trillion. He writes, “It has helped consumer confidence rise to a five and half year high in February which could drive to consumption lead economic recovery in Japan. Abeonomics is still proving popular amongst the Japanese public with the latest Nikkei opinion poll revealing that support for the Cabinet remaining elevated at 69% in March.”